StepStone ASA has announced that sales during Q3 fell short of expectations, primarily because momentum did not return to the recruitment market in September to the extent that the company has traditionally seen. Whilst further reductions in the operating cost base have been achieved in Q3 the Board expects that the loss at the EBITDA level for Q3 will be in the range of 1.2m. to 1.4m. broadly in line with that achieved in Q2.
The Group expects to see a modest improvement in sales in Q4 over Q3. However, as a result of the lower than anticipated sales in Q3, together with reduced expectations for Q4, the Group does not expect to be operating cash flow positive and EBITDA positive for the whole quarter.
The results for the quarter ended 30 September 2002 will be announced on Thursday 24 October 2002.
Stepstone trading statement for Q3
sales fall short of expectations
