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Recruiter SThree buoyed by strong overseas growth; UK slips

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(Reuters) – Recruiter SThree Plc posted a 9% rise in half-year net fees on Friday, bolstered by double-digit growth in its international markets as it battles a hiring slowdown at home.

The company, which hires for financial, energy, banking and pharmaceutical companies, said net fees for the UK and Ireland region fell 9% in the half year ended May 31. Net fees in continental Europe and United States rose 13%.

SThree, like other recruiters, are increasingly depending on international markets for driving growth as the job market at home remains cool due to low unemployment and uncertainty surrounding Brexit.

Last week, Recruitment and Employment Confederation (REC) said that British employers increased spending on temporary staff at the weakest rate over six years and hired fewer permanent staff.

SThree, which operates in 16 countries, said contract hiring was up 12%, while permanent hiring fell 1%. The company kept its full-year expectations unchanged.

SThree generated over 86% of its overall net fees from its international market, up from 82% last year.

(Reporting by Sangameswaran S in Bengaluru; Editing by Saumyadeb Chakrabarty)

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