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Prelim Results for the year ended 29 November 2009
Preliminary Results PresentationPrelim Results for the year ended 29 November 2009
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Prelim Results for the year ended 29 November 2009
SThree Profiles
Russell Clements — Chief Executive Officer
Russell has served as SThree’s Chief Executive Officer since 2004 having previously held the
position of Deputy Chief Executive Officer since 2001. He joined Computer Futures in 1986 shortly
after its inception, recruited by the co-founders as their second employee. He subsequently served
as Director and as Managing Director of Computer Futures and was involved in the creation of a
number of the SThree brands.
Alex Smith — Chief Financial Officer
Alex joined SThree in May 2008. Prior to joining SThree, Alex held the position of Integration Finance Director
at TUI Travel plc, the company formed through the merger of First Choice Holidays plc and the tourism
businesses of TUI AG. Prior to this he was Finance Director of First Choice's Mainstream Sector. His earlier
experience included three years with W.H.Smith including a period as Managing Director of its Travel Retail
business. He has also held financial roles at Travelodge and Forte. He is a Chartered Accountant trained by
Price Waterhouse, London.
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Prelim Results for the year ended 29 November 2009
Introduction & Overview
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Prelim Results for the year ended 29 November 2009
Full Year 2009: An Overview
• A solid performance despite highly challenging market conditions
• PBT of £18.0m (2008: £56.0m) slightly ahead of consensus
• Significant volume declines partially offset by robust and improving
permanent fees and contract GP per day rates
• Greater geographical diversification, with non-UK share of gross profit at
55% (2008: 45%)
• Contract versus permanent mix of profit now 58:42 in favour of contract
• DSO improved to 37 days (2008: 43 days)
• Year end net cash* £48.5m (2008: £24.6m)
• Total dividend held at 12.0p (2008: 12.0p)
• Most markets stable or modestly improving
Note:* Includes term investments of £3.2m
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Prelim Results for the year ended 29 November 2009
Full Year 2009 Financial Highlights
Note: Conversion Ratio = operating profit expressed as a % of gross profit
LFL growth is at constant currency
* Before exceptional items
2009 2008Actual growth
Revenue £519.4m £631.5m -17.8%
Gross profit £171.2m £218.9m -21.8%
Operating profit* £18.0m £56.8m -68.3%
Conversion ratio 10.5% 25.9%
Profit before tax* £18.0m £56.0m -67.9%
Basic earnings per share 9.5p 29.9p -68.2%
Total dividend 12.0p 12.0p
LFL growth
-23.1%
-27.9%
-75.9%
-75.4%
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Prelim Results for the year ended 29 November 2009
22 UK Offices
• BirminghamFS GroupProgressive
HuxleyReal Resourcing
• LeedsPathway
• ManchesterFS Group
Huxley / Progressive
• EdinburghFS Group
• GlasgowProgressive
• AberdeenProgressive / Huxley
� LondonSThree HQSThree Group Training
SThree Group FinanceFS Group
ProgressiveReal Resourcing / Pathway / JP Gray
IT Job Board
� London (City)
Madison Black / Real ResourcingHuxleyOrgtel
� Thames ValleyHuxley / Progressive
� Bristol
FS Group
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Prelim Results for the year ended 29 November 2009
27 Non-UK Offices*
� Frankfurt
� FS Group (1999)
� Huxley (2006)
� Munich
� Progressive (‘04) / FS Group
(2006)
� Dublin
� FS Group (1999)
� Paris
� FS Group (2003)
� Progressive (2006)
� Huxley (2008)
� Amsterdam
� FS Group (‘00) / Progressive (‘02)
� Huxley (‘02) / Madison Black (‘08) /
Real Resourcing (‘07) / ITJB (‘07)
� SThree Training (2007)
� Rotterdam
� FS Group (2007)
� Brussels
� FS Group (1998) / Progressive (2009)
� Huxley (2007)
Existing office locations:New Offices opened in 2009:
� Dusseldorf
� Progressive/FSG/Huxley
� Frankfurt
� Real Resourcing
� SThree Training
� Hamburg
� FS Group
� Stuttgart
� FS Group
� Marseille
� FS Group
� Singapore
� Progressive / Orgtel
� New York
� Huxley (2006)
� Dubai
� Pathway (2008)
� Hong Kong
� Huxley (2007)
� Sydney
� Progressive (2008)
Note: *Includes Perth (Progressive), Munich (FS Group) & Dusseldorf (Progressive / Huxley) already opened in Q1 2010
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Prelim Results for the year ended 29 November 2009
KPI’s and Business Analysis
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Prelim Results for the year ended 29 November 2009
Key Performance Indicators: Permanent
Growth in Permanent Average Fee
Notes:
Candidates the Group has placed with clients on a permanent basis and for whom it has sent the client an invoice during the relevant period
The average permanent placement fee is calculated using the total placement fees for the relevant period, including the ITJobBoard advertising income, divided by the number of placements for the period
Source: SThree Accounts
Growth in Permanent Placement Volume
6,023
7,685
9,568
6,060
10,236
0
2,000
4,000
6,000
8,000
10,000
12,000
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
-40.8%
7,9158,563
9,780
11,930
10,355
£0
£2,000
£4,000
£6,000
£8,000
£10,000
£12,000
£14,000
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
+15.2%
Fees up 3.9% on a constant currency basis
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Prelim Results for the year ended 29 November 2009
Key Performance Indicators: Contract
Growth in Gross Profit Per Day Rate
Notes:
Contractors of the Group that are on placement with one of the Group’s clients at the end of the relevant period
The average gross profit per day per contractor is calculated by taking gross profit from contract staffing for the period and dividing by the average number of active contractors and the number of
working days in the period
Source: SThree Accounts
Growth in Contract Runners
GP per day rate up 1.4% on a constant currency basis
Source: SThree Accounts
4,3654,719
5,662
4,157
5,745
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
-27.6%
£58.4
£64.9
£71.4
£84.7
£78.3
£0.00
£10.00
£20.00
£30.00
£40.00
£50.00
£60.00
£70.00
£80.00
£90.00
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
+8.1%
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Prelim Results for the year ended 29 November 2009
Gross Profit & Gross Margin
Gross Margin %
Gross margin percentage down 1.7% pts driven by shift in mix towards contract at 58% (2008: 52%)
Source: SThree Accounts
Gross Profit (£m)
104.5
135.5
182.7171.2
157.9
218.9
0
50
100
150
200
250
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2009 CC
-21.8%
-27.9%
33.2%
34.5%
34.9%
33.0%
34.7%
30.0%
31.0%
32.0%
33.0%
34.0%
35.0%
36.0%
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
24??
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Prelim Results for the year ended 29 November 2009
Historical Operating Profit & Conversion Ratio
Notes:2000-2005 UK GAAP2006-2009 IFRS
FY 2002/2003 impacted by dotcom crash
29.227.5
10.7
17.4
41.0
52.3
56.8
18.0
6.1
29.5
0
10
20
30
40
50
60
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
26.0%
22.0%
15.3%
22.9%
30.3%28.6%
25.9%
10.5%
28.2%
10.4%
0%
5%
10%
15%
20%
25%
30%
35%
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
Conversion Ratio(operating profit as a % of gross profit)
Operating Profit (£m)
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Prelim Results for the year ended 29 November 2009
55%
26%
5%
10%2%2%
UK
Benelux
France
Germany
USA
RoW
Geographic Analysis by Location of Client
Gross Profit
Source: SThree Accounts
2008
£218.9m
Growth In UK/Non-UK GP
2009
45%
27%
6%
16%
2% 4%
UK
Benelux
France
Germany
USA
ROW
£171.2m
-37%
-3%
64%
-1.0%
-60%
-40%
-20%
0%
20%
40%
60%
80%
FY 09 FY 08
United Kingdom Europe and Rest of World
24??
International GP -17% on a constant currency basis
ROW
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Prelim Results for the year ended 29 November 2009
42%
58%
Permanent
Contract
Permanent/Contract Analysis
Source: SThree Accounts
Gross Profit Growth In Permanent/Contract GP
2009
2008
£218.9m
48%52%
Permanent
Contract
£171.2m
Gross margin 2009 2008
Group (blended) 33.0% 34.7%
Contract 22.1% 21.5%
-32%
13%
-13%
27%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
FY 09 FY 08
Permanent Contract
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Prelim Results for the year ended 29 November 2009
77%
23%
ICT
Non ICT
Sector Analysis by Candidate Skillset
Gross Profit
Source: SThree Accounts
Growth In ICT / Non ICT GP
2009
2008
£171.2m
-27%
12%
-4%
55%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
FY09 FY08
ICT Non ICT
£218.9m
72%
28%
ICT
Non ICT
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Prelim Results for the year ended 29 November 2009
Business breakdown by client industry sector
Full year 2008Full year 2009
Source: Internal MIS analysis based on number of transactions per sector
Despite ICT representing 72% of candidates placed, only 21% of clients are in the ICT sector
ICT
24%
Professional and
Support Services
15%
Investment
Banking
12%
Financial Services
5%
Public Sector
9%
Commodities &
Utilities
4%
Pharma & Biotech
4%
Media
4%
Retail
3% Other
7%
Manufacturing
13%
ICT, 21%
Public Sector,
12%
Media,
Entertainment &
Leisure, 4%
Commodities, 8%
Professional &
Support
Services, 12%
Investment
Banking, 12%
Financial
Services, 5%
Others, 6%
Manufacturing,
10%
Retail &
Consumer
Goods, 3%
Pharma &
Biotech, 6%
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Prelim Results for the year ended 29 November 2009
33%
57%
Candidate salary positioning
Source: Internal MIS analysis, SThree Accounts
Permanent salary analysis
Current average permanent salary is £44k*(2008: £42k) Current contract pro rata salary is circa £88k**(2008: £84k)
Note: * Salary on new deals per MIS
* *Based on a 46 week year, GP per day rate of £84.69 grossed up at the contract margin of 22.10%
0k - 30k
23%
30k - 40k
34%
40k - 50k
21%
50k - 70k
16%
70k - 100k
4%
100k +
2%0k - 30k
19%
30k - 40k
32%40k - 50k
23%
50k - 70k
18%
70k - 100k
6%
100k +
2%
2009 2008
£44k £42k
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Prelim Results for the year ended 29 November 2009
Sales Headcount
970
561 473 498
714
645614 650
Nov 08 May-09 Aug-09 Nov-09
UK Int'l
Note: Sales headcount includes consultants and sales management
Sales headcount reduced by 32% v prior year
After restructuring in H1, sales headcount grew by 6% Q4 v Q3
Total -28%UK -42%Int’l -10% Total -10%
UK -16%Int’l -5%
1,684
1,2061,087 1,148
Total +6%UK +5%Int’l +6%
2,274 1,647 1,506 1,597Total
Headcount
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Prelim Results for the year ended 29 November 2009
2009 Financial Results
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Prelim Results for the year ended 29 November 2009
Income Statement
Source: SThree Accounts
Note: *Before exceptional items of £9.1m relating to the Group restructure (2008: £2.0m exceptional charge in respect of early close out of complex financial derivatives)
LFL growth is at constant currency
2009
£m
2008
£m
Actualgrowth
Revenue 519.4 631.5 -17.8%
Gross profit 171.2 218.9 -21.8%
Operating profit* 18.0 56.8 -68.3%
Net finance cost - (0.8)
Profit before tax* 18.0 56.0 -67.9%
Taxation (5.5) (16.8)
Profit after tax* 12.4 39.2 -68.3%
LFL Growth
-23.1%
-27.9%
-75.9%
-75.4%
- -
- -
-
2009
£m
2008
£m
Actualgrowth
Revenue 519.4 631.5 -17.8%
Gross profit 171.2 218.9 -21.8%
Operating profit* 18.0 56.8 -68.3%
Net finance cost - (0.8)
Profit before tax* 18.0 56.0 -67.9%
Taxation (5.6) (16.8)
Profit after tax* 12.4 39.2 -68.3%
LFL Growth
-23.1%
-27.9%
-75.9%
-75.4%
- -
- -
-
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Prelim Results for the year ended 29 November 2009
Balance Sheet
Source: SThree Accounts
£20m invoice discounting facility with
RBS until April 2012
• £20m committed
• Base rate +175 bp
Focus on working capital
• Debtor days at 37 vs 43
• Debtors ageing improved
Strong cash performance in year
Provision increase relates to
restructuring exceptional
A strong balance sheet
Balance Sheet
£m
29 Nov
2009
30 Nov
2008
Goodwill & intangibles 10.9 12.3
Property, plant & equipment 5.4 6.6
Deferred tax 5.5 3.1
Net working capital 17.2 58.7
Tax asset / (liability) 3.3 (10.8)
Provisions (6.0) (3.9)
66.0
Net cash 48.5 24.6
Net assets 84.8 90.6
36.3
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Prelim Results for the year ended 29 November 2009
Cash Flow
Source: SThree Accounts
Strong cash generation in the period after absorbing circa £6m of exceptional cash costs
(4.8)
Net Finance Costs
(15.9)
Capital expenditure
(18.3) (11.4)
Depreciation and amortisation 6.1 5.9
Share awards charge, asset write offs, other non cash items
2009£'m
2008£'m
Operating profit after exceptional items 8.9 54.9
3.4 2.7
Decrease in debtors 51.0 16.5
(Decrease)/ increase in creditors (7.7) 6.7
Increase in provisions 2.0 0.3
Net cash inflow from operating activities 63.7 87.0
(6.2)
- (0.8)
Cashflow 21.5 20.1
Dividends paid & repurchase of Minority Stakes
Held to maturity investment (3.2) -
Share buy backs
Loan repayment / cash loss on treasury instruments (4.0)-
£ £
(31.2)
(13.2)
Taxation paid
-
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Prelim Results for the year ended 29 November 2009
Business restructuring exceptional item
People exit costs £6.0m
Property exit costs £2.8m*
Rebranding costs £0.3m
£9.1m
Cash cost of £6.1m in 2009, paid back within the year
Note: * Approx £1m non cash
Property rationalisationClosed
Leeds (Progressive)Nottingham (Real Resourcing)
Maidenhead (FS Group)
Bristol (Progressive)
Consolidated
Reading
Manchester
London x 4
Amsterdam
Total no. of leases exited 11
Numbers
7
Sales Non-Sales Total
UK -49% -22% -39% 581
Non-UK -9% -42% -12% 96
Total -32% -25% -30% 677
Headcount reduction in Year
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Prelim Results for the year ended 29 November 2009
£(18)m
£(5)m
Annualised operating
costs - 2008
Salary costs Commissions Property / Other Annualised operating
costs - 2009
£173m
£132m
£(18)m
24% reduction in annualised operating costs, despite selective hiring in Quarter 4 and opening of 6 new sales offices
Note: *Represents the movement in the annualised operating cost base in Quarter 4 2009 v Quarter 4 2008.
Operating costs have been presented at constant currency (Q4 2009 average rates), excluding one off and exceptional items.
Cost base run rate down 24% on annualised basis
Source: SThree Management Accounts
Operating Cost Run Rate Q4 2009 v Q4 2008*
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Prelim Results for the year ended 29 November 2009
Earnings Per Share
Note: * Before exceptional items Source: SThree Accounts
2009 2008 Change %
Profit After Tax £12.4m £39.2m -68.3%
Minority Interest -£1.1m -£2.0m -40.6%
Profit attributable to equity holders of the company £11.3m £37.2m
Weighted average number of shares for basic EPS 118.7m 124.7m -4.8%
for fully diluted EPS 122.5m 127.7m -4.1%
EPS* basic 9.5p 29.9p -68.2%
diluted 9.2p 29.2p -68.5%
DPS 12.0p 12.0p
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Prelim Results for the year ended 29 November 2009
Summary & 2010 Outlook
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Prelim Results for the year ended 29 November 2009
Contract Runners – H1 5 year comparison
Indexed Contract Runners - H1 5 Year Analysis
(Annual Trend based on P12 Nov Year End Runners)
40%
50%
60%
70%
80%
90%
100%
110%
120%
November December January February March April May June
2006 2007 2008 2009 2010
109%
104%
100%
77%
91%
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Prelim Results for the year ended 29 November 2009
Business mix - a transformation
Geographical & sector diversification reduces our dependence on UK ICT
2009 20072008
53%
47%
41%
59%
UK, ICT Gross Profit Other
31%
69%
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Prelim Results for the year ended 29 November 2009
Summary & 2010 outlook
• No paradigm shift in sentiment but most markets stable / improving
• Selective rehiring undertaken +6% sales headcount increase Q4 vs Q3
• Specialist staffing requires return of confidence – does not need strong GDP
tailwind
• 2010 likely to be an investment year for headcount, exaggerating H1/H2
seasonality
• SThree increasingly exposed to territories (& segments) with strong structural
growth (e.g. Germany)
• SThree’s post downturn performance (2004-2008) CAGR of 34% PA and total
PBT increase of 324%
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Prelim Results for the year ended 29 November 2009
The Future of SThree
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Prelim Results for the year ended 29 November 2009
31%17%
25%
27%
SThree: Evolving the Multi Brand Model
Source: Internal MIS analysis
SThree has grown 100% organically through niche brands
Brand % of 2009 Group GP
Niche Specialisations
ICT
Banking
Engineering
Oil & Gas
Pharma / Healthcare
Sales & Marketing
Accountancy & Finance
*
Note: *Includes JP Gray, Madison Black, Pathway. Due to be formally rebranded ‘Real Staffing Group’ during 2010
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Prelim Results for the year ended 29 November 2009
Profile of International Growth
International expansion has three major dimensions;
1. Increase headcount in an existing office eg Sydney
2. Increase office footprint in existing geography eg Perth
3. Open entirely new regions eg West Coast USA
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Prelim Results for the year ended 29 November 2009
Perth (Progressive)
Munich (FS Group)
Dusseldorf
(Progressive / Huxley)
San Francisco
(Real Resourcing)
Delhi (Huxley)
Actual / potential office openings 2010
Opportunity to leverage existing office/locations initiallyAverage investment circa £300k - 400k per office, payback 9-18 months in normal market
conditions
Qatar (Pathway)
Antwerp (FS Group)
Melbourne (Progressive)
Houston (Progressive)
Zurich (Huxley / Progressive)
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Prelim Results for the year ended 29 November 2009
Geographical Mix 2009 Indicative Future Mix (c. 5 years)
Business Mix
23%
47%
30%
Source: SThree Internal Analysis
45%
49%
6%
UK Europe ROW
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Prelim Results for the year ended 29 November 2009
Indicative Future Footprint
New YorkSan FranciscoWashington
HoustonDallasChicagoLos Angeles
BostonAtlanta
Calgary
TorontoVancouver
Rio/Sao Paulo
LondonManchesterBirmingham
LeedsReadingBristolEdinburghGlasgow
AberdeenDublin
DüsseldorfHamburgFrankfurt
MunichParisAmsterdamRotterdamBrussels
BerlinCologneStuttgart
MarseilleAntwerp
Luxembourg
MadridMilan
StevangerViennaZurich
MoscowPrague
Warsaw
DubaiAbu DhabiBahrain
QatarSaudi ArabiaCape Town
Hong KongSingaporeSydney
PerthMelbourneBrisbane
ShanghaiTokyoOsaka
DelhiMumbai
Kuala Lumpur
Americas UK & Ireland Europe Middle East AsiaPac
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Prelim Results for the year ended 29 November 2009
Questions
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Thank you for listening, please feel free to ask any questions
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Prelim Results for the year ended 29 November 2009P
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Supplementary
Material
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Prelim Results for the year ended 29 November 2009
PBT Growth 2004 - 2008
Total PBT increase of 324%
17.3
29.5
40.3
50.3
56.0
0
10
20
30
40
50
60
2004 2005 2006 2007 2008
Year
PB
T (
£m
)
34% CAGR 2004 to 2008
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Prelim Results for the year ended 29 November 2009
Historical Gross Profit and Gross Margin
Notes:2000-2005 UK GAAP2006-2009 IFRS
123.0
70.375.9
104.5
135.5
182.7
218.9
171.2
113.0
58.7
0
50
100
150
200
250
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
Gross Profit (£’m) Gross Margin (%)
58%52%49%51%54%56%60%58%50%56%
42%51%46%44%40%42%
44%
49% 48%50%
0%
5%
10%
15%
20%
25%
30%
35%
40%
FY2000 FY2002 FY2004 FY2006 FY2008
Contract Permanent
37.0%
34.0%
31.0%30.8%
31.3%
33.2%34.5%
34.9%34.7%
33.0%
Contract 2000 2001 2002 2003 2004 2005 2006 2006 2008
Margin 20.7% 20.6% 20.6% 21.0% 20.5% 21.1% 21.3% 20.8% 21.5%
2009
22.1%
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Prelim Results for the year ended 29 November 2009
Health of Market - Perm hire KPIs
Permanent hires starting within the month
The percentage of permanent candidates able to start in same period is an indication of prevailing labour
market conditions
Source: SThree MIS / Internal Analysis
21%22%
23%
25%26%
25%
17%
14%
16% 16%
21%
17%
0%
5%
10%
15%
20%
25%
30%
2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2
UK Intl
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Prelim Results for the year ended 29 November 2009
Health of Market - Perm ‘dropouts’ KPIs
Permanent placement ‘dropouts’
¹ A drop out is defined as a potential permanent placement who has formally accepted an offer through an SThree company, but who ultimately does not take the position, because a counter offer is accepted
‘Dropouts’ are a useful indication of labour market tightness
Source: SThree MIS / Internal Analysis
13%
11%
13%
12%
11% 11%
13%
11%
10%
9%
8% 8%
0%
2%
4%
6%
8%
10%
12%
14%
2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2
UK Intl
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Prelim Results for the year ended 29 November 2009
UK Trading Metrics
Runners at Period End
3,787
2,401
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
UK
2008 2009
-36.6%
GPDR - Constant Currency
70.673.3
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
UK
2008 2009
+3.8%
Perm Placement Fee - Constant
Currency
9,56110,075
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
UK
2008 2009
+5.4%
IT - Non IT Split 2009
IT
68%
NON IT
32%
Perm Placements
5,389
2,275
0
1,000
2,000
3,000
4,000
5,000
6,000
UK
2008 2009
-57.8%
Perm - Cont Split 2009
Perm
30%
Cont
70%
Consultant Headcount
970
431
0
200
400
600
800
1,000
1,200
UK
2008 2009
-55.6%
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Prelim Results for the year ended 29 November 2009
Benelux Trading Metrics
Runners at Period End
1,285
871
0
200
400
600
800
1,000
1,200
1,400
Benelux
2008 2009
-32.2%
GPDR - Constant Currency
96.6 92.6
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Benelux
2008 2009
-4.2%
Perm Placement Fee - Constant
Currency
10,455 11,018
0
2,000
4,000
6,000
8,000
10,000
12,000
Benelux
2008 2009
+5.4%
IT - Non IT Split 2009
IT
77%
NON IT
23%
Perm Placements
2,540
1,494
0
500
1,000
1,500
2,000
2,500
3,000
Benelux
2008 2009
-41.2%
Perm - Cont Split 2009
Perm
42%
Cont
58%
Consultant Headcount
364
230
0
100
200
300
400
Benelux
2008 2009
-36.8%
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Prelim Results for the year ended 29 November 2009
France Trading Metrics
Runners at Period End
236
337
0
50
100
150
200
250
300
350
400
FRANCE
2008 2009
+42.8%
GPDR - Constant Currency
83.2
72.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
FRANCE
2008 2009
-4.0%
Perm Placement Fee - Constant
Currency
8,257
9,423
0
2,000
4,000
6,000
8,000
10,000
FRANCE
2008 2009
+14.1%
IT - Non IT Split 2009
IT
92%
NON IT
8%
Perm Placements
705
435
0
100
200
300
400
500
600
700
800
FRANCE
2008 2009
-38.3%
Perm - Cont Split 2009
Perm
47%Cont
53%
Consultant Headcount
94
75
0
20
40
60
80
100
FRANCE
2008 2009
-20.2%
-13.2%
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Prelim Results for the year ended 29 November 2009
Germany Trading Metrics
Runners at Period End
358
436
0
50
100
150
200
250
300
350
400
450
500
GERMANY
2008 2009
+21.8%GPDR - Constant Currency
107.2102.5
0.0
20.0
40.0
60.0
80.0
100.0
120.0
GERMANY
2008 2009
-4.4%
Perm Placement Fee - Constant
Currency
12,80911,484
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
GERMANY
2008 2009
-10.3%
IT - Non IT Split 2009
IT
70%
NON IT
30%
Perm Placements
1,121
1,318
0
200
400
600
800
1,000
1,200
1,400
GERMANY
2008 2009
+17.6%
Perm - Cont Split 2009
Perm
62%
Cont
38%
Consultant Headcount
157
188
0
50
100
150
200
GERMANY
2008 2009
+19.7%
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Prelim Results for the year ended 29 November 2009
Payroll Costs
70%
Occupancy
9%
Advertising
4%
IT & Professional
11%
Other
6%
Cost base Payroll costs
Cost base analysis for 2009
Advertising (5%)
Other (4%)
The Group operates a relatively low fixed salary and has a young consultant demographic
Sales staff / sales
related 72%
Central / support
staff 28%
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Prelim Results for the year ended 29 November 2009
Exchange Rate
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Prelim Results for the year ended 29 November 2009
Performance management systems
Actual screenshot Permanent Consultant
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Prelim Results for the year ended 29 November 2009
“Churn” - A key multiplier of demand
New Job
Vacancy filled
Donor Business 1
has vacancyDonor Business 3
has vacancy
Donor Business 2
has vacancy
Vacancy filled
Vacancy filled
Vacancy filled
1
2
3
Current market uncertainty results in limited churn – this changes quickly as confidence returns