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Sthree Investor Day 23Rd March 2010 Investor Day 2010 Day Investor SThree Investor Day 23rd March 2010 Investor Day 2010 Day Investor www.SThree.com SThree plc 1 Agenda • Introduction & Overview Russell Clements Investor Day 2010 Day Investor • Key Risks & Mitigation Alex Smith • Market Selection Criteria Justin Hughes • Case Study – Germany Nye Bidwell • Case Study – Singapore/Oil & Gas Stuart Clark • IT As A Strategic Differentiator David Timoney • Apollo/MIS Walkthrough Andy Hallett www.SThree.com SThree plc 2 Globalising The Business Introduction & Overview Russell Clements - CEO Investor Day 2010 Day Investor www.SThree.com SThree plc 3 The SThree Strategy Investor Day 2010 C o Further n Commitment to t international in the UK business u e expansion th e In line with our values of energy, reward, rapport & respect M Development of www.SThree.com Drive operational u efficiencies / improve l ti -b new staffing ra n productivity d sectors a p p ro a c h SThree plc 4 Global Expansion – The Story So Far • International expansion began 1998 in Brussels • 27 overseas offices – 21 Europe and 6 ROW • 2009 55% gross profit generated outside of the UK Investor Day 2010 Day Investor • At Q1 2010 circa 700 sales staff overseas (58% of total) with 100 overseas sales vacancies approved • Non UK GP split currently 55% Permanent and 45% Contract • Largest overseas market is Benelux, followed by Germany • Two further international offices confirmed for start H2 2010 – San Francisco and Delhi www.SThree.com SThree plc 5 Methodology – The Criteria Used To Target Locations Availability of Medium term Economic size* Economic growth* GDP per capita* niche markets ** attractiveness Measure GDP Measure GDP growth Measure GDP per capita Measure number of Measure SThree niche A qualitative review by Units US$ billions Units percent Units US$ sectors Senior management based on market Investor Day 2010 Day Investor Units number maturity, peers presence, cultural/legislative barriers and Scale Scale Scale Scale accessibility Highly > 10,000 > 6 > 60,000 N/A attractive > 1,000 > 4 > 40,000 3 Attractive Case by case > 500 > 2 > 20,000 2 review > 100 > 1 > 10,000 1 Limited attractiveness < 100 < 1 < 10,000 0 Unattractive * IMF World economic outlook data used ** SThree niche markets are; ICT,HR, Banking, Oil & Gas, Pharma/Life Sciences, Accountancy, Public Sector and Engineering Source: IMF, Competitor websites, internal analysis www.SThree.com SThree plc 6 SThree – A Transformed Business 2009 2008 2007 Investor Day 2010 Day Investor 31% 41% 47% 53% 59% 69% UK, ICT Gross Profit Other Geographical & sector diversification has radically reshaped the SThree business over a relatively short timeframe Source: SThree Accounts www.SThree.com SThree plc 7 Commitment To International Expansion, Even In Challenging Conditions Hamburg (FS Group) Marseille (FS Group) Dusseldorf (Progressive/ Singapore (Progressive) Investor Day 2010 Day Investor Huxley) Frankfurt (Real/ Progressive) Stuttgart (FSGroup) 2009 office openings www.SThree.com SThree plc 8 2010 Actual & Planned Office Openings Perth (Progressive) Qatar (Pathway) Investor Day 2010 Day Investor Munich (FS Group) Antwerp (FS Group) Dusseldorf (Prog / Huxley) Melbourne (Progressive) San Francisco Houston (Progressive) (Real Resourcing) Zurich (Huxley / Progressive) Delhi (Huxley) Key Opened Agreed/ready to open Business Case approved in principle www.SThree.com SThree plc 9 Globalising The Business – Indicative Future Profile 2009 Indicative Future Profile 6% 23% Investor Day 2010 Day Investor 30% 45% 49% 47% UK Europe ROW The significance of non-UK/non-European markets is expected to increase Source: SThree Internal Analysis www.SThree.com SThree plc 10 Changing The Shape Of The Business – UK & Europe 2009 Indicative Future Profile Netherlands UK & Ireland UK & Ireland 17% Russia & Eastern Europe 47% 34% 2% Investor Day 2010 Day Investor Others 2% Netherlands Belgium 11% 8% Belgium France 8% 8% France 10% Others – includes Germany Germany Switzerland, Norway, 33% 20% Austria, Spain, Italy & Luxembourg The single most noteworthy change is the increasing significance of Germany www.SThree.com SThree plc 11 Changing The Shape Of The Business – ROW 2009 Indicative Future Profile M iddle East & A frica M iddle East 18% Far East Investor Day 2010 Day Investor 22% 23% Far East 31% South A merica 2% India 6% North A merica North America 28% A ustralia 34% A ustralia 17% 19% The significance of the Americas is expected to grow www.SThree.com SThree plc 12 Indicative Future Footprint Investor Day 2010 Day Investor Americas UK & Ireland Europe Middle East AsiaPac New York Boston London Düsseldorf Marseille Dubai Hong Kong Shanghai San Francisco Atlanta Manchester Hamburg Antwerp Abu Dhabi Singapore Tokyo Washington Calgary Birmingham Frankfurt Luxembourg Bahrain Sydney Osaka Houston Toronto Leeds Munich Madrid Qatar Perth Delhi Dallas Vancouver Reading Paris Milan Saudi Arabia Melbourne Mumbai Chicago Rio/Sao Paulo Bristol Amsterdam Stevanger Cape Town Brisbane Kuala Lumpur Los Angeles Edinburgh Rotterdam Vienna Glasgow Brussels Zurich Aberdeen Berlin Moscow Dublin Cologne Prague Stuttgart Warsaw www.SThree.com SThree plc 13 Globalising The Business - Summary • Our default assumption is for our growth to be entirely organic • We are not opposed to considering bolt-on acquisitions in certain geographies Investor Day 2010 Day Investor • Cash is not a limiting factor but earnings dilution must be a consideration • Developing and maximising management bandwidth is the critical factor • Geographical expansion must be pursued on an “as well as” not “instead of” basis www.SThree.com SThree plc 14 Globalising The Business – Summary • Opportunities exist in both mature and immature staffing markets Investor Day 2010 Day Investor • Greater sectoral diversity creates geographical opportunities and vice versa • Globalising the business drives increasing complexity • Development of world class support/planning functions is a prerequisite www.SThree.com SThree plc 15 Globalising the Business Key Risks & Their Mitigation Alex Smith - CFO Investor Day 2010 Day Investor www.SThree.com SThree plc 16 Key Risks To The Globalisation Strategy • New venture selection • New venture execution Investor Day 2010 Day Investor • The complexity of supporting a globalising business www.SThree.com SThree plc 17 The Strategic Planning & Implementation Cycle Strategic planning Investor Day 2010 Day Investor Research and planning Evaluation of new ventures Implementation www.SThree.com SThree plc 18 Strategic Planning Understanding Our Mix Of Ventures Ventures are grouped under the following categories of operational risk Investor Day 2010 Day Investor Complex ventures operationally; will definitely require external resources Ventures in virgin territory; in some cases external resources may aide us I n Ventures where SThree has some experience in the country, but the c r venture incurs a higher operational risk than Amber ventures; e.g.complex e regulation, a European country which we have extensively tested but have a no physical presence s i n Ventures where SThree has a presence in the country but not in the city g Ventures where SThree already has a presence in the city r i Virtual office; testing a new market remotely s k A brand expanding into a new sector from an existing office Additional headcount within existing offices www.SThree.com SThree plc 19 What We Did In 2009 & Plan To Do In 2010 Qatar (RSG/Progressive) Singapore (Progressive) Delhi (Huxley) Investor Day 2010 Day Investor Zurich (Progressive/Huxley) San Francisco (RSG) Houston (Progressive) Stuttgart (FSG) Perth (Progressive) Marseille (FSG) Antwerp (FSG) Dusseldorf (Huxley/Prog) Munich (FSG) Dusseldorf (FSG) Frankfurt (Progressive) Increasing Risk Increasing Hamburg (FSG) Sydney (Progressive/FSG) Frankfurt (RSG) New York (RSG) Rotterdam (FSG) London (RSG) Paris (Progressive) 2009 2010 www.SThree.com SThree plc 20 Research & Planning Of New Ventures • Stage One: Scoping of business opportunity - Business justification of venture (strategic alignment / opportunistic) Investor Day 2010 Day Investor - Preliminary investigation by the Strategic Implementation Group • Stage Two: Research and preparation of business plan - Primary and secondary research - Market entry strategy - Financial projections - Impact on donor businesses • Stage Three: Sign- off of business plan - Sign off by the Investment Committee (CEO, CFO, CDO & COO) www.SThree.com SThree plc 21 Implementation • Implementation is with the Strategic Implementation Group (“SIG”) Investor Day 2010 Day Investor • Close working between front office and SIG to agree implementation plan • Regular meetings until project go-live and project sign-off • In most cases de-risk investment by running virtually • Post Implementation Review for SIG after each go-live • Commercial Post Implementation Reviews after 6, 12 & 18 months www.SThree.com SThree plc 22 Implementation • Strategic Implementation Group made up of representatives from: – Business Services – Legal – HR – IT – Administration & Property – Finance Investor Day 2010 Day Investor – Company Secretarial – Tax & Treasury • SIG Workflow consists of: – Legal Entity set-up – Trading Style set-up – Marketing & Data Acquisition plan – HR set-up – Compliance Review – Tax & Treasury set-up – Internal SAP set-up – Physical Office set-up www.SThree.com SThree plc 23 Evaluation Post implementation reviews - After each go live - Commercial reviews after 6, 12 & 18 months then BAU Investor Day 2010 Day Investor Strategic Planning - Iterative annual cycle
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