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SThree Q2 Net Fees Climb, Plans Dividend, Appoints Andrew Beach As CFO; Stock Up

SThree Plc (STHR.L), a pure-play specialist staffing business, reported Monday that its second-quarter net fees climbed 22 percent from last year on a reported basis, and 21 percent adjusted for working days.

The growth in net fees reflected a very strong underlying performance with sustained improvements in new deal activity and Contractor retention rates.

Contract net fees climbed 18 percent, and Permanent net fees grew 36 percent.

As the prior year's second quarter was significantly impacted by Covid-19, net fees compared to 2019 net fees increased 8 percent.

In the first half, group net fees increased 10 percent from last year to 164.3 million pounds. Group net fees increased 3 percent from 2019.

Contractor order book climbed 33 percent from the prior year.

Further, the Board intends to recommend the payment of an interim dividend in the current financial year, to be announced with the Group's interim results on July 19.

The company recently upgraded profit expectations for fiscal 2021.

Separately, Sthree announced the appointment of Andrew Beach as CFO. He will join the company on July 5 and will be formally appointed to the Board on July 15.

As announced earlier, the current CFO, Alex Smith, will step down from the Board in July, following which he will remain with the company to effect an orderly handover.

Beach was previously CFO of Hyve Group plc, an exhibitions business. Before joining Hyve in 2016, he held a number of roles at Ebiquity plc, joining as Group Financial Controller in 2007 and quickly being appointed as CFO in 2008. In 2014 he was promoted to Chief Financial and Operating Officer.

In London, SThree shares were trading at 474 pence, up 1.94 percent.

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