prelim results 2009 - sthree · prelim results for the year ended 29 november 2009 full year 2009:...

www.SThree.com SThree plc

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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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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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Introduction & Overview


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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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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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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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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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KPI’s and Business Analysis


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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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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


Growth in Contract Runners

GP per day rate up 1.4% on a constant currency basis


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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Gross Profit & Gross Margin

Gross Margin %

Gross margin percentage down 1.7% pts driven by shift in mix towards contract at 58% (2008: 52%)


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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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%


Conversion Ratio(operating profit as a % of gross profit)

Operating Profit (£m)


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55%

26%

5%

10%2%2%

UK

Benelux

France

Germany

USA

RoW

Geographic Analysis by Location of Client

Gross Profit


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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42%

58%

Permanent

Contract

Permanent/Contract Analysis


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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77%

23%

ICT

Non ICT

Sector Analysis by Candidate Skillset

Gross Profit


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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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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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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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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2009 Financial Results


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Income Statement


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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Balance Sheet


£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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Cash Flow


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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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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£(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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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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Summary & 2010 Outlook


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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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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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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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The Future of SThree


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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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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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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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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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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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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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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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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


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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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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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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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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Benelux Trading Metrics


1,285

871

0

200

400

600

800

1,000

1,200

1,400

Benelux

2008 2009

-32.2%


96.6 92.6

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Benelux

2008 2009

-4.2%


Currency

10,455 11,018

0

2,000

4,000

6,000

8,000

10,000

12,000

Benelux

2008 2009

+5.4%


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

42%

Cont

58%


364

230

0

100

200

300

400

Benelux

2008 2009

-36.8%


Pre

lim

inary

Resu

lts 2

009

44


France Trading Metrics


236

337

0

50

100

150

200

250

300

350

400

FRANCE

2008 2009

+42.8%


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%


Currency

8,257

9,423

0

2,000

4,000

6,000

8,000

10,000

FRANCE

2008 2009

+14.1%


IT

92%

NON IT

8%

Perm Placements

705

435

0

100

200

300

400

500

600

700

800

FRANCE

2008 2009

-38.3%


Perm

47%Cont

53%


94

75

0

20

40

60

80

100

FRANCE

2008 2009

-20.2%

-13.2%


Pre

lim

inary

Resu

lts 2

009

45


Germany Trading Metrics


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%


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

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

62%

Cont

38%


157

188

0

50

100

150

200

GERMANY

2008 2009

+19.7%


Pre

lim

inary

Resu

lts 2

009

46


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%


Pre

lim

inary

Resu

lts 2

009

47


Exchange Rate


Pre

lim

inary

Resu

lts 2

009

48


Performance management systems

Actual screenshot Permanent Consultant


Pre

lim

inary

Resu

lts 2

009

49


“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

prelim results 2009 - sthree · prelim results for the year ended 29 november 2009 full year 2009:...

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