(Reuters) -UK's SThree posted a fall in annual net fees on Thursday, dragged down by a 22% drop in permanent fees as the recruiter grappled with sluggish hiring market conditions.
SThree, which hires employees for finance, energy, banking, pharmaceutical, engineering and tech sectors, reported a 4% year-on-year fall in net fees income for the full year ended Nov. 30.
Recruiters have been under pressure from a slower recovery in the Chinese economy and a lull in the U.S. technology sector, while macro-economic uncertainties have also dented permanent hiring across the globe.
However, the company said contract fees, which account for most of its income, rose 1%.
"As we enter the start of the new financial year, we haven't yet seen an easing of the macro-economic environment, which continues to drive soft trading conditions," CEO Timo Lehne said in a statement.