(Reuters) – SThree Plc said on Monday that Chief Executive Officer Mark Dorman would be leaving after spending close to three years with the British recruiting firm, while it expected to post a record annual profit as reopening of economies spurred a hiring boom.
The company, which specialises in hiring in the science, technology, engineering and mathematics (STEM) sectors, said net fees earned grew 19% on 2020 and 9% on 2019 for the year ended Nov. 30.
Hiring has been robust across all its major markets, the company said, with the United States – the world’s largest STEM staffing market – seeing strong demand for software development, clinical operations and more roles in the renewables sector.
Recruitment firms have been benefiting from a spike in hiring activity as clients rush to fill up vacancies while they ramp up their businesses amid a recovery. However, the new Omicron coronavirus variant raises concerns over a slowdown.
The company said it would invest more into its business in the year ahead, adding that it aims to keep its profit margins at current levels.
Dorman, who will exit by Dec. 31, will be replaced on an interim basis by insider Timo Lehne.
Shares of the London-headquartered company were down 3.5% in early trade.
(Reporting by Amna Karimi and Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)
