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SThree plc Final Results for the year ended 27 November 2011

SThree plc Final Results for the year ended 27 November 2011

SThree, the international specialist staffing business, is today announcing its final results for the year ended 27 November 2011.

Financial Highlights

2011

2010

Change

Revenue

&pound542.5m

&pound474.5m

14.3%

Gross Profit

&pound195.5m

&pound166.4m

17.5%

Operating profit

&pound30.0m

&pound21.2m

41.2%

Profit before taxation

&pound30.3m

&pound21.6m

40.0%

Basic earnings per share

16.8p

11.9p

41.2%

Diluted earnings per share

16.4p

11.5p

42.6%

Proposed ordinary final dividend

9.3p

8.0p

16.3%

Total ordinary dividend

14.0p

12.0p

16.7%

Total dividend (ordinary and special)

25.0p

12.0p

108.3%

Operational Highlights

&middot A strong performance given the changing market sentiment during the year

&middot Non-UK&I share of gross profit increased significantly to 63% (2010: 59%), with the trend expected to continue as the Group becomes ever more international

&middot New offices opened in Doha, Antwerp, Sao Paulo, Zurich, Luxembourg, Mumbai, Chicago, Boston and Moscow, bringing the Group total to sixty offices in seventeen countries

&middot Permanent placements increased by 13.5% to 7,434 (2010: 6,551), with average fees growing strongly

&middot Number of active contractors at year end increased by 7.6% to 4,692 (2010: 4,359), with average gross profit per day rates remaining strong

&middot Contract versus Permanent mix of gross profit 48%:52% in favour of Contract (2010: 51%:49%)

&middot Continued sector diversification, with non-ICT(1) disciplines now representing 40% of total gross profit (2010: 38%)

&middot 78% of gross profit now derived from outside of the UK ICT market (2010: 76%)

&middot Total Group headcount at year end increased by 22.0% to 2,272 (2010: 1,863)

&middot Year end net cash and term investments of &pound55.6m (2010: &pound55.2m) reflecting continued strong cash generation

Russell Clements, CEO, commented: "We start 2012 against a backdrop of increased economic uncertainty. Whiledemand is lower than in the prior year, it is also undoubtedly the case that overall, market conditions remain in far better shape than those we saw in the aftermath of the global financial crisis. It is also true that just as sentiment can deteriorate very quickly, it can also move in a positive direction equally rapidly.

"Whatever 2012 has in store for us, we remain confident that we will make the best of it. Our seasoned management team has seen all market scenarios and has become increasingly adept in recent years at driving the best available result in uncertain circumstances. We will manage the business prudently but we will not lose sight of the great medium term prospects for our business and where appropriate we will invest to ensure that the Group's future lives up to its potential."

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