SThree

STEM · Main Market · Industrial Goods and Services · mcap £360m · 309.0p

SThree places contractors and permanent staff in science, technology, engineering and maths roles, mainly in Germany, the US, the UK and Japan. It earns fees mostly from contract placements, where it keeps a margin on each contractor's pay.

Target	Promise	Said	Status
2024
FY24	Double the renewable business share from FY19 to FY24.	30 Jan 2024	✓ Kept
	“Renewable business up 28% versus FY22, ahead of our target to double the share of this business from FY19 to FY24.” Result FY23 results said the renewable business was ahead of the target to double its share.
2025
29 Jul 2025	Launch and complete a £20m share buyback by the FY25 half-year results.	12 Dec 2024	✓ Kept
	“The Share Buyback Programme will commence today and end no later than the Company's FY25 Half Year Results.” Also stated 19 Dec 2024 Result Buyback ran from December 2024 to May 2025, as disclosed in September 2025. “The Share Buyback Programme will commence today and end no later than the Company's FY25 Half Year Results.”19 Dec 2024 · Commencement of Share Buyback “the share buyback programme undertaken from December 2024 to May 2025”5 Sep 2025 · Notice of GM
FY25	Deliver additional operational efficiencies in FY25, including up to £7m of one-off costs.	28 Jan 2025	✓ Kept
	“The financial implication of these challenges is expected to be partly mitigated by the accelerated realisation of further operational efficiencies” Result £6m savings reported on track and FY25 profit met guidance. “This included the FY25 efficiencies programme, which delivered net savings marginally ahead of plan.”27 Jan 2026 · FY25 Final Results “Cost efficiencies: as of today, TIP has delivered annualised cost efficiencies of £6.5m, demonstrating a financially compelling base case ROI, with more efficiencies to come in FY26 and beyond.”27 Jan 2026 · FY25 Final Results
30 Nov 2025	Deliver c.£6m of in-year net savings from operational efficiencies in FY25.	12 Dec 2024	✓ Kept
	“Realisation of further operational efficiencies to drive £6 million of in-year net savings on track.” Also stated 24 Jun 2025 · 29 Jul 2025 · 16 Sep 2025 Result Reported on track through September 2025; FY25 profit of £25.5m met guidance. “Realisation of further operational efficiencies to drive £6 million of in-year net savings on track.”16 Sep 2025 · FY25 Q3 Trading Update “This included the FY25 efficiencies programme, which delivered net savings marginally ahead of plan.”27 Jan 2026 · FY25 Final Results
30 Nov 2025	FY25 profit before tax of about £25m.	12 Dec 2024	✓ Kept
	“Performance for FY25 expected to be in line with previously announced £25.0 million PBT guidance.” Also stated 29 Jul 2025 Result FY25 profit before tax was £25.5m. The £25m figure was itself set after a December 2024 profit warning. 27 Jan 2026 · FY25 Final Results
Today · 10 Oct 2026
2026
21 Oct 2026	Circle8 to announce a firm offer or no offer by the deadline.	11 Sep 2026	✗ Missed · target changed
	“Circle8 is required, by not later than 5.00 p.m. on 7 October 2026, to either announce a firm intention to make an offer for SThree or announce that it does not intend to make an offer” Result On 7 October the deadline was extended to 21 October 2026 after a revised proposal. “In accordance with Rule 2.6(a) of the Code, Circle8 is required, by not later than 5.00 p.m. (London time) on 21 October 2026, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer”7 Oct 2026 · Extension of PUSU Deadline
30 Nov 2026	Launch and complete a further share buyback of up to £20m by 30 November 2026.	16 Sep 2025	… In progress
	“is expected to end no later than 30 November 2026, the end of the Company's current financial year” Also stated 16 Dec 2025 · 27 Jan 2026 · 12 Feb 2026 Status so far Not yet due.
30 Nov 2026	FY26 profit before tax of about £10m (guidance cut from earlier expectations).	16 Sep 2025	✗ Missed · target changed
	“the Board has decided to further invest in next generation AI to capitalise on the new opportunities emerging in our industry.” Result Guidance was cut in September 2025, then raised to at least £12m in September 2026. 22 Sep 2026 · FY26 Q3 Trading Update
30 Nov 2026	FY26 profit before tax of at least £12m.	22 Sep 2026	… In progress
	“FY26 PBT is expected to be at least £12 million, ahead of previously announced c.£10 million PBT guidance” Also stated 24 Sep 2026 Status so far Not yet due.
2027
30 Apr 2027	Identify and appoint a permanent CFO by April 2027.	17 Mar 2026	… In progress
	“allowing James, as Chair of the Nomination Committee, to conclude the search for a permanent Chief Financial Officer” Also stated 15 Jun 2026 Status so far Not yet due.