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SThree H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary27 Jan, 2026
Executive summary
Celebrated 40th anniversary, highlighting resilience and expertise in STEM and flexible talent.
FY25 performance was in line with expectations, with sequential improvement in Net Fee decline and disciplined cost management amid challenging market conditions.
Strategic focus on contract staffing (84% of group), providing resilient and profitable revenue.
Completed global rollout of the Technology Improvement Program (TIP) across 11 countries, modernizing operations and enabling digital transformation.
Enhanced client-centricity, deepening enterprise relationships and expanding service offerings.
Financial highlights
Net Fees for FY25 were £322.7m, down 12% year-on-year; revenue was £1,302.2m, also down 12%.
Operating profit was £26.1m, down 60% year-on-year; profit before tax was £25.5m, down 62%.
EPS decreased 63% to 13.7p, reflecting lower profits and higher effective tax rate.
Contract business (84% of net fees) declined 12%, while permanent placements declined 9%.
DACH region remained the largest, with US and Middle East/Asia delivering growth.
Energy segment grew 5% year-on-year, now 19% of group net fees; banking/finance roles up 7%.
ECM (Employed Contractor Model) now 41% of net fees, with margins 30-40% higher than independent contractors.
Contract order book down 2% year-on-year, but provides 5 months' forward visibility.
Average contract length increased 10% to 60 weeks; contract margins sustained at 21.7%.
Productivity improved sequentially, with second-half up 5%.
Outlook and guidance
Confident in delivering full-year expectations for FY26, with profitability phasing weighted to the first half due to efficiency program costs.
FY26 profit before tax is expected to be around £10m, underpinned by improved year-end new business activity.
Investments in TIP expected to drive higher margins and sustainable productivity gains over the mid to long term.
New business activity encouraging in the US; broader European recovery still unfolding.
Efficiency actions are weighted towards H1 FY26, with the business well-placed to benefit as market conditions improve.
How does TIP enhance consultant productivity?
What drives higher ECM net fee margins?
What is the strategy for European market recovery?
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Next SThree earnings date
Q1 2026 TU17 Mar, 2026
SThree
Next SThree earnings date
Q1 2026 TU17 Mar, 2026
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Frequently asked questions
SThree plc provides specialist contract and permanent staffing services for technology, engineering, life sciences, banking and finance, and other sectors. It offers permanent, contract, project, retained, and executive search recruitment solutions, as well as support and mobility services. The company provides its services under the Computer Futures, Progressive, Huxley Associates, Real Staffing Group, Global Enterprise Partners, JP Gray, Madison Black, Newington International brands. It has operations in the United Kingdom and internationally. SThree plc was founded in 1986 and is headquartered in London.
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