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Glasgow move helps boost profits at recruitment firm SThree



Moving its support services from London to Glasgow is saving more than £5 million a year for recruitment consultancy SThree, which today posted record profits and turnover.

SThree– which specialises in finding candidates for science, technology, engineering and mathematics (STEM) roles – received a £2 million regional selective assistance (RSA) grant from Scottish Enterprise in 2018 to open its “centre of excellent” in Glasgow, creating 200 jobs. The centre is expected to house 314 workers by the end of next year.

Adjusted operating profits climbed by 9% in the year to 30 November to hit a record £60 million, on the back of a 6% rise in revenues to £1.35 billion. More than 80% of the company’s turnover comes from outside the UK, with the business hailing “strong growth” in Asia-Pacific and the Middle East, continental Europe and the United States.

Growth came across the technology, life sciences, and energy and engineering sectors, helping to drive up overall net fee by 5%. Contracted net fees climbed by 8% and now represent 74% of the group’s income.

Mark Dorman, the firm’s Dundee-born chief executive, said: “Whilst early in the year, we can see that broader macro-economic and political uncertainties may well persist, and the trading environment remains similar to the fourth quarter of last year. We have the right strategy, are in the right sectors and geographies, and our contract focus will allow us to drive another year of progress towards our ambitions.

“We have a unique position at the centre of long-term secular global trends and are focused on the right markets, which will stand us in good stead for the future. In addition, we are building a platform business with the systems to increase the effectiveness of our execution.”

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