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SThree to resume dividend payments

(Sharecast News) – Despite seeing both revenues and pre-tax profits take a big hit in 2020, recruitment firm SThree will resume dividend payments after having skipped them in 2019.
SThree stated 2020 full-year revenues were down 9% to £1.2bn, while pre-tax profits halved to £30.0m as contract net fees slipped 8% as demand for staffing was impacted by the coronavirus pandemic.

While SThree said on Monday that it continues to see uncertainty ahead in many of its markets as a result of Covid-19 and its associated restrictions, the group also expects trends of STEM and flexible working to only become “more powerful” over the next year.

The London-listed firm also proposed a final dividend of 5.0p per share, even as adjusted basic earnings per share tumbled 58% to £13.9m.

Elsewhere, SThree did highlight its “very strong” balance sheet, with net cash of £49.9m at the year-end, and also revealed that chief financial officer Alex Smith would be stepping down from the group at some point in 2021.

Chief executive Mark Dorman said: “In 2020 we faced a once in a century event that provided a series of unprecedented tests. SThree not only dealt with those challenges but is emerging as a stronger business; I am proud of the many achievements we are able to list today.

“Through our unrelenting focus on our strategy, and guided by our purpose, we have taken market share in several of our key regions and delivered robust financial results which underscore our differentiation from non-specialist staffing businesses.”

As of 0900 GMT, SThree shares were down 0.30% at 327.0p.

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