- StepStone joins PeopleSoft Software Alliance Program to deliver StepStone for PeopleSoft eRecruit
- Partnerships with totaljobs.com and CVO Group extend StepStone’’s market coverage through the StepStone Network
- Acquisition of Careerportal - a candidate exchange solution for recruitment agencies
StepStone has undergone a radical, but necessary, restructuring in what continues to be a difficult market climate. This process has largely been completed. StepStone is now putting in place a number of initiatives that will drive the company to future success when the market for e-recruitment solutions picks up.
In September Careerportal, a candidate exchange solution for recruitment agencies, was acquired. Distribution agreements have been reached with both totaljobs.com and CVO Group. Most recently, a partnership with PeopleSoft Inc., the world’s leading provider of application software for the real-time enterprise, has been entered into which positions StepStone as PeopleSoft’s preferred European online recruitment partner. These initiatives are indicative of the way in which StepStone will increasingly leverage its market position to deliver higher value to customers.
StepStone’s aim is to consolidate and build on its position as Europe’s leading partner of choice for customers and candidates in the online recruitment market. None of these recent initiatives would have been possible without the significant progress that has been made this year in rebuilding the company.
The StepStone Network
StepStone currently operates in 13 countries across Europe. To better support the requirements of customers a number of alliances are being entered into to build the StepStone Network. This will serve to increase the company’s geographical reach, enabling multinational and international customers to source candidates across the whole of Europe, and beyond.
An agreement has been signed with totaljobs.com, a Reed Elsevier company, which is one of the leading online recruitment companies operating in the United Kingdom. Provisional agreement has also been reached with the CVO Group, which operates in the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland and Slovakia.
The StepStone Network now covers more than 20 markets and other partners are being actively sought to continue to extend its reach throughout Europe, the USA and further afield.
Financial Results
In the trading statement issued at the beginning of October the Board stated that the loss at the EBITDA level for Q3 would be in the range of ?1.2m to 1.4m. In the event the loss was at the bottom of this range and at 1.2m across the group as a whole was broadly in line with the result achieved in Q2. The three operational regions taken together were EBITDA positive for the second successive quarter.
The recruitment market continues to be extremely challenging. Whilst a modest improvement in sales is expected in Q4 this has more to do with seasonal factors than to any anticipated recovery in market fundamentals. StepStone expects to end this financial year with a strong cash balance. There are no plans to raise additional finance.
The company’s plans for taking the business forward in 2003 are well advanced. Bearing in mind the current market conditions the board believe that StepStone is well positioned for the future.
Bob Gregory 44 7836 57 21 33
Investor Relations
StepStone ASA - Results for Q3 2002
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