StockMarketWire.com - Specialist recruitment business SThree said its net fee revenue slumped 7% in the first half, due to the Covid-19 crisis.

Net fees for the six months through May fell to £151.2m, down from £163.0m on-year.

Net fees for the second quarter fell by an even steeper 12%.

The contract employment business was showing resilience, the company said, with first-half net fees down 5%, representing 76% of group net fees.

'The first half results are a combination of a robust first quarter, with a number of key markets delivering strong growth, and a second quarter defined by a global health pandemic and the economic impacts of government responses to it,' chief executive Mark Dorman said.

SThree services the science, technology, engineering and mathematics, or STEM, sectors.

'Whilst lockdowns are currently being eased to differing extents globally, we still see heightened uncertainty continuing for some time. As such our guidance remains withdrawn,' Dorman said.

'However, we have demonstrated that our business is agile and able to adapt.

'We are committed to ensuring that SThree is well positioned over the long term and are confident we can continue to exploit the accelerating secular trends of STEM and flexible working across global markets and deliver our long term ambitions.'




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