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SThree has announced its final results for the year ended 28 November 2010

SThree plc Preliminary Results for the year ended 28 November 2010

SThree, the international specialist staffing business, is today announcing its final results for the year ended 28 November 2010.

Financial Highlights

2010

2009

Change

Revenue

474.5m

519.4m

-8.6%

Gross Profit

166.4m

171.2m

-2.8%

Operating profit*

21.2m

18.0m

17.8%

Profit before taxation*

21.6m

18.0m

20.0%

Statutory profit before taxation

21.6m

8.9m

142.7%

Basic earnings per share*

11.9p

9.5p

25.3%

Statutory basic earnings per share

11.9p

4.0p

197.5%

Proposed dividend

8.0p

8.0p

-

Total dividend

12.0p

12.0p

-
*Prior year operating profit, profit before taxation and EPS are shown before exceptional charges of 9.1m before tax, 6.5m after tax relating to a Group restructuring.

Operational Highlights

A strong performance given the changing market sentiment during the year

Non-UK share of gross profit increased significantly to 60% (2009: 55%), with trend expected to continue as the Group becomes ever more international

New offices opened in Perth, Delhi, Houston, San Francisco, Munich and Dsseldorf, bringing the total to 52. Doha, Sao Paulo, Antwerp and Abu Dhabi due to open in H1 2011

Permanent placements increased by 8.1% to 6,551 (2009: 6,060), with average fees remaining strong

Number of active contractors at year end increased by 4.9% to 4,359 (2009: 4,157), with average gross profit per day rates remaining strong

Contract versus Permanent mix of gross profit 51:49 in favour of Contract (2009: 58:42)

Continued sector diversification, with non-ICT(1) disciplines now representing 38% of total gross profit (2009: 28%)

76% of gross profit now derived from outside of the UK ICT market (2009: 69%)

Total Group headcount at year end increased by 16.7% to 1,863 (2009: 1,597), with a significant further increase planned for 2011

Year end net cash and term investments of 55.2m (2009: 48.5m) reflecting continued strong cash generation

Entered 2011 with all markets in growth.

Russell Clements, CEO, commented: "SThree delivered a strong result in 2010 in a market which was still some way from fully recovered. Sentiment improved steadily and we ended the year with all our markets and territories in growth. We were also pleased with the increasing momentum in our longer established businesses building towards the end of the year. Looking ahead, we remain well positioned to make further progress through a combination of expansion in existing markets and further investment in new geographies with their substantial structural growth potential."

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