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In Q124 (Dec to Feb), Group net fees were down 6% YoY (all changes at constant currency), reflecting both a strong comparator (with a record level of net fees in Q123) and the ongoing challenging backdrop. The 6% net fee decline would have been 5% excluding restructured businesses.
Companies: SThree plc
H2 Radnor
In FY23, SThree’s net fees (constant currency) declined by 4%, and although the trading environment remains tough, we note that across the last four quarters it delivered a better net fee performance than the average of the quoted UK recruitment peers (Hays, Page and Robert Walters), reflecting its more defensive profile, especially its focus on Contract (82% of net fees) and STEM sectors.
Despite a tricky trading backdrop that has not seen any material improvement over the last three months; SThree’s performance has remained consistent. New business remains soft with Q4 showing no material improvement vs Q3, whilst contract extensions / renewals continue to be a source of relative strength.
The trading backdrop for SThree through the last three quarters has been consistent; a challenging backdrop for new business, offset by resilience in contract extensions and renewals for the contractor order book. Q3 paints a broadly similar picture although the tone of commentary around new business is more optimistic and we can now see a clear sequential net fee improvement between Q2 and Q3 when we adjust for the offices restructured late last year (Ireland, Hong Kong and Singapore).
Liberum
H1 results provide more detail, context and a more up to date take on the trading environment following the Q2 trading update. The results lay clear the extent to which SThree has been able to protect margins (unlike others in the peer group) despite the significant investment in the Technology Improvement Programme, which itself lays the ground for future margin outperformance.
The H1 trading update has confirmed the trends seen in the Q1 update. Contract extensions and renewals continue to outperform initial expectations whilst new business activity remains challenging.
Research Tree provides access to ongoing research coverage, media content and regulatory news on SThree plc. We currently have 522 research reports from 9 professional analysts.
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh
Companies: Jersey Electricity plc Class A
Edison
Companies: Gattaca plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
SP Angel
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Companies: Quadrise PLC
Shore Capital
Companies: BILN IGP RBN SBTX
Cavendish
Companies: CPH2 ITM CNA AFC DRX IKA CWR CHAR IES AT/ HE1 ATOM
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Zeus Capital
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.
Companies: Severfield Plc
Progressive Equity Research
Companies: Judges Scientific plc
Invinity is making major progress commercially, technically and financially. A full manufacturing agreement has been signed with Taiwanese partner Everdura. This brings additional manufacturing capacity to serve the existing re-seller agreement without the need for new capital. Validation testing on the next-generation Mistral flow battery has verified performance targets, paving the way for commercial launch later in the year. Finally, discussions on one or more strategic partnerships are progr
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: GHH PHC GETB DEC LORD GELN
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