FULL YEAR RESULTS PRESENTATION 2017

FULL YEAR RESULTS

PRESENTATION 2017RESULTS FOR YEAR ENDED 30 NOVEMBER 2017

2

2017 Overview

• Encouraging full year performance with strong Q4 and exit rate into 2018

• Adjusted profit before tax up 9% to £44.5m

• GP up 4%* YoY (up 11% on an as reported basis) and up 8%* YoY in Q4

• Growth in GP driven by USA (+18%*) and Continental Europe (+9%*), whilst UK&I remains challenging (-14%*)

• 81% of GP now generated outside UK&I (FY 2016: 75%)

• Contract GP up 10%* YoY, with growth across all sectors

• Contract now accounts for 71% of Group GP (FY 2016: 67%)

• Permanent GP down 8%* YoY, but productivity improved by 3%* YoY

• Foreign exchange increased reported operating profit by c£5.0m and GP by c£18.1m

• Move of London based support functions to Glasgow underway**

• Final dividend maintained

*Growth is at constant currency

** Net Cost is expected to be c£14-£16m,less expected regional development grant of c£2m. Exceptional impact in 2017 of £6.7m. Annualised benefit of c£4-5m per annum on completion of move

3

FINANCIAL RESULTS

4

FINANCIAL HIGHLIGHTS

*Growth is at constant currency, on an adjusted basis

Note 1: Conversion ratio = operating profit expressed as a % of gross profit

Note 2: 2017 figures are adjusted for the impact of £6.7m of costs in relation to the strategic restructuring and relocation of UK central support functions

Note 3: 2016 figures are adjusted for the impact of £3.5m of costs in relation to the restructuring of certain sales businesses and central support functions

Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted

FY 2017 FY 2017 FY 2016 FY 2016 Actual Growth Actual Growth CC Growth*

Revenue £1,114.5m £1,114.5m £959.9m £959.9m +16% +16% +9%

Contract gross profit £203.5m £203.5m £173.3m £173.3m +17% +17% +10%

Permanent gross profit £84.2m £84.2m £85.4m £85.4m -1% -1% -8%

Total gross profit £287.7m £287.7m £258.7m £258.7m +11% +11% +4%

Operating profit £44.9m £38.2m £41.3m £37.8m +9% +1% -3%

Conversion ratio 15.6% 13.3% 16.0% 14.6% -0.4%pts -1.3%pts -1.2%pts

Profit before tax £44.5m £37.7m £40.8m £37.3m +9% +1% -3%

Taxation (£11.4m) (£10.1m) (£11.0m) (£10.1m) -4% - +8%

Profit after tax £33.1m £27.6m £29.8m £27.2m +11% +2% -1%

Basic earnings per share 25.7p 21.5p 23.2p 21.2p +11% +1% -1%

Dividend per share 14.0p 14.0p 14.0p 14.0p

Net cash £5.6m £5.6m £10.0m £10.0m

Strong cash position

£50m revolving credit facility ('RCF') with Citibank and

HSBC, committed to May 2019

5

BALANCE SHEET

Investments

Investments in Innovation start ups and incubator

Deferred tax assets

Primarily due to increased provisions

Provisions

Increased for restructuring costs

Net Working Capital

Increase due to growth in Contract runner book and

DSO increase

A robust balance sheet

30 November 30 November

2017 2016

Intangible assets £11.4m £11.6m

Property, plant & equipment £6.7m £7.1m

Investments £1.8m £0.7m

Deferred tax assets £4.2m £2.5m

Net working capital £67.0m £50.3m

Provisions (£14.5m) (£5.8m)

Net current tax liabilities (£1.5m) (£0.7m)

£75.1m £65.7m

Net cash £5.6m £10.0m

Net assets £80.7m £75.7m

6

CASH FLOW BRIDGE

YE 2016 Net Cash

Operating profit

Depn and amort

Share awards + other non

cash items

Foreign exchange +

other

Restructuring Capex & investments

Treasury shares

purchased

Taxes and interest

Working capital

Dividends YE 2017 Net Cash

£10.0m

£44.9m

£6.1m£3.5m

(£0.6m) (£1.0m)

(£6.9m)

(£7.8m)

(£11.2m)

(£13.4m)

(£18.0m)

£5.6m

Note 1: Cash Flow presented on an adjusted basis

7

LONDON BASED SUPPORT RELOCATION

Cash outflow of c£13m to £14m in 2018

(2017: £1m)

c£4m-£5m annualised benefit

Simple Payback of c3 years

250 Roles* proposed for relocation

Restructuring costs of £6.7m recognised as exceptional items in 2017. Further costs of £8m-£9m expected

in 2018 with a regional development grant of up to c£2m receivable in future years contingent on

investment

Exceptional Charge £m’s

People costs £11m - £12m

Other Costs £3m - £4m

Total £14m - £16m

Less: Regional Development

Grantc.£2m

Total Exceptional Cost £12m - £14m

* Include IT, Finance and HR

8

EARNINGS PER SHARE AND DIVIDENDS

Dividends maintained YoY

Note 1: 2017 figures are adjusted for the impact of £6.7m of costs in relation to the strategic restructuring and relocation of UK central support functions


Adjusted As Reported Adjusted As Reported Adjusted As Reported

FY 2017 FY 2017 FY 2016 FY 2016 Actual Growth Actual Growth

Profit after tax £33.1m £27.6m £29.8m £27.2m +11% +2%

For basic EPS 128.6m 128.6m 128.3m 128.3m +0% +0%

Dilutive impact of share plans 4.0m 4.0m 3.8m 3.8m +5% +5%

Fully diluted EPS 132.6m 132.6m 132.1m 132.1m +0% +0%

Basic 25.7p 21.5p 23.2p 21.2p +11% +1%

Diluted 24.9p 20.8p 22.6p 20.6p +10% +1%

DPS Interim Ordinary 14.0p 14.0p 14.0p 14.0p - -

Weighted

average

number of

shares

EPS

9

FOREIGN EXCHANGE IMPACT

An FX tailwind in 2017. If the exchange rates of the Group’s main operating currencies had remained at FY

2016 average rates throughout the current year, FY 2017 GP and OP would have been lower by c£18.1m

and c£5.0m, respectively.

Average Closing Average Closing Average Closing

EUR € 1.15 1.14 1.25 1.18 (8.2%) (3.8%)

USD $ 1.28 1.35 1.39 1.25 (7.6%) 8.2%

Gross ProfitOperating

ProfitGross Profit

Operating

Profit

EUR € £1,520k £467k £1,300k £431k

USD $ £643k £169k £506k £79k

Impact of a 1% change per

annum

Year Ended

30 November 2017

Year Ended

30 November 2016

YoY Exchange

Rate Movement

Year Ended

30 November 2017

Year Ended

30 November 2016

10

OPERATING REVIEW

11

2017 PROGRESS

Progress

Strategic investment in

Contract• Record Contract Runners at year end

• Contract now 71% of GP (FY 2016: 67%)

• Now represents 65% of sales headcount, our highest ever

• 16th consecutive quarter of growth

Drive recovery in Permanent

productivity• Productivity up 3%* YoY

• Separate management structure for Permanent business to drive accountability and improve focus

Broaden capabilities in high

growth US markets• GP up +18%* YoY with Contract up +21%* and Permanent up +12%*

• Double digit growth achieved across all sectors except Banking & Finance

• Our second largest region, representing 22% of our Group

Accelerate sector

diversification in key STEM

growth markets

• Robust performances in Life Sciences and Engineering offsetting weakness in Banking & Finance

• Continued recovery in Energy and moderate growth in ICT

• Exciting ICT opportunities outside UK and Europe

Build scale and critical mass in

global network• Growth driven by increased returns from existing locations

• Group period end headcount up 10% YoY and up 7% sequentially in Q4

• New offices opened in Lyon, Toulouse, Vienna and Barcelona

Focus on costs and

efficiencies to improve

operational gearing

• Majority of London based support functions to relocate to Glasgow**

• Improving consultant productivity, up 5%* YoY

*Growth is at constant currency

** Net Cost is expected to be c£14-£16m,less expected regional development grant of c£2m. Exceptional impact in 2017 of £6.7m. Annualised benefit of c£4-5m per annum on completion of move

DIVISION

DIVERSIFICATION

GEOGRAPHICAL

DIVERSIFICATION

SECTOR

DIVERSIFICATION

71%

29%

Perm

67%

33%

Cont

Perm

19%

52%

22%

7%

25%

49%

20%

6%

UK&IC EuropeUSAAPAC & ME

43%

15%

9%

9%

22%

2%

45%

16%

8%

9%

21%

1%

ICTBanking & FinanceEnergyEngineeringLife SciencesOther

12

BUSINESS PROFILE

FY 2017 FY 2017 FY 2017

FY 2016FY 2016FY 2016

DIVISION GEOGRAPHY SECTOR

71%

29%

79% 71% 69%51%

21% 29% 31%49%

UK&I C Europe USA APAC & ME

75%55%

93%72% 64%

25%45%

7%28% 36%

ICT Banking &Finance

Energy Engineering Life Sciences

67%

33%

77%66% 67%

39%

23%34% 33%

61%

UK&I C Europe USA APAC & ME

73%52%

92%

65% 60%

27%48%

8%

35% 40%

ICT Banking &Finance

Energy Engineering Life Sciences

13

CONTRACT / PERMANENT GROSS PROFIT ANALYSIS

FY 2017

FY 2016

Continued focus on growth in Contract across all regions and sectors

Contract Permanent

CONTRACT

RUNNERS

GROSS

PROFIT PER

DAY RATE

4,157 4,359 4,692 5,1225,791

7,5738,412

9,07810,197

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17


14

KEY PERFORMANCE INDICATORS: CONTRACT

* Growth is at constant currency

Note 1: All numbers are period end

Note 2: Contractors are those on placement with one of the Group’s clients at the end of

the relevant period

Note 3: The average gross profit per day per contractor is calculated by taking the period

end Total Runner Weekly Gross Profit position, divided by the period end number of

active contractors, divided by 5 (assuming a 5 day working week)

Contract

margin %

FY 2017 19.8%

FY 2016 19.9%

+12%

vs

FY16

+5%

vs

FY09

+8%

vs

FY10

+9%

vs

FY11

+13%

vs

FY12

+31%

vs

FY13

+11%

vs

FY14

+8%

vs

FY15

Flat*

vs

FY16

-1%*

vs

FY09

+4%*

vs

FY10

-2%*

vs

FY11

-5%*

vs

FY12

0%*

vs

FY13

+3%*

vs

FY14

-1%*

vs

FY15

Contract runners nearly doubled since 2012

15

CONTRACT RUNNERS – COMPARISON TO PRIOR YEARS

112%

131%

111%

108%

112%

90%

95%

100%

105%

110%

115%

120%

125%

130%

135%

November December January February March April May June July August September October November

2013 2014 2015 2016 2017

PERMANENT

PLACEMENT

VOLUMES

PERMANENT

AVERAGE FEE

6,0606,551

7,434 7,3436,429 6,601 6,408

5,7314,972



16

KEY PERFORMANCE INDICATORS: PERMANENT

Note 3: 2014 data is adjusted due to timing of period ends (an additional 45 placements in Germany)

Note 4: 2013 data is based on a normalised 52 week period

* Growth in constant currency

Note 1: The average permanent placement fee is calculated using the total placement

fees for the relevant period, divided by the number of placements for the period

Note 2: This analysis excludes retained business

-13%

vs

FY16

+8%

vs

FY09

+13%

vs

FY10

-1%

vs

FY11

-12%

vs

FY12

+3%

vs

FY13

-3%

vs

FY14

+3%*

vs

FY16

+1%*

vs

FY09

+6%*

vs

FY10

+4%*

vs

FY11

0%*

vs

FY12

+1%*

vs

FY13

+3%*

vs

FY14

+1%*

vs

FY15

Placement

volumes down

13% YoY

Average fee

up 3%* YoY

Permanent is more vulnerable to market sentiment and placement volumes are down YoY.

The decrease is broadly in line with the 10% decrease in Permanent headcount.

-11%

vs

FY15

17

STRATEGY & OUTLOOK

18

“We bring skilled people togetherto build the future”

Our purpose:

19

To be the #1 STEM talent providerin the best STEM markets

Our vision:

20

Our operating principles:

21

5 year strategy to deliver our vision

22

INNOVATION

Helps to future-proof

the companyGenerate new

revenue streams

Minimise risk through

governance and

support structure

Invested $2m in three third

party start-up’s

Expect to spend £3m on Innovation in operating expenses in 2018 (2017: £2m)

Talent Acquisition Platform

focused on cultural fit and

automated matching. Initial

stages of growth.

Has attracted blue-chip

technology brands.

Create and manage

asynchronous video

interviews.

Being trialled internally with

one of our core brands.

Hybrid tech recruitment

platform. Pilot planned for

H1 2018 before wider

adoption.

Innovative approach

to meet our

customers evolving

demands

BUY BUILD

23

2018 PRIORITIES

Progress

Grow and extend regions,

sectors and services• Invest and grow in key markets, particularly in USA and Germany

• Maximise opportunities in ICT, Life Sciences, Engineering & Energy

• Further leverage our Employee Contractor Model to create new opportunities

Develop and sustain great

customer relationships• Continue to use NPS to drive improvements in our processes and behaviours

• Embed our operating principles throughout the organisation to create great customer experience

Focus on Contract, drive

Permanent profitability• Focus on growing Contract headcount faster than Permanent, in line with our plan

• Continue to maintain a strong permanent offering in key markets such as Germany & USA

• Complete separate management structures for Permanent & Contract business to drive profitability

and improve focus

Generate incremental revenues

through Innovation and M&A• Leverage our existing innovation investments and launch additional ventures incubated within SThree

• Trial additional services and test products developed by our third party investments

Build infrastructure for

leveraged growth• Invest in new offices in key markets and drive increased returns from existing locations

• Deploy salesforce marketing cloud

• Relocate UK central support roles to Glasgow with minimal impact on customer service

Find, retain and develop great

people• Develop our future female leaders

• Understand what matters most to our employees through employee NPS surveys and act on feedback

24

OUTLOOK

• Encouraged by the improvement in momentum in Q4

• Continued headcount investment in more resilient Contract market

• Contract runners nearly doubled since 2012

• Continued focus on productivity in Permanent with selective headcount investment

• Sectorally and geographically diverse and agile

• Trading outlook remains encouraging with Continental Europe and USA well positioned for growth

• Enter 2018 in good shape

To be the #1 STEM talent provider in the best STEM markets

25

FINANCIAL CALENDAR

201829 January Annual results for the year ended 30 November 2017

16 March Q1 Trading Statement

26 April Annual General Meeting

15 June Trading update for the six months ended 31 May 2018

23 July Interim results for the six months ended 31 May 2018

14 September Q3 Trading Statement

14 December Trading update for the year ended 30 November 2018

201928 January Annual results for the year ended 30 November 2018

26

Notes

27

SUPPLEMENTARY MATERIAL

GEOGRAPHICAL

DIVERSIFICATION

ASIA PACIFIC &

MIDDLE EAST

GROSS PROFIT

GROWTH /

(DECLINE) BY

REGION*

FY 2017 FY 2016

(14%)

13%9%

6%

18%

(4%)(8%)

9% 10%

17%

-

(15%)

19%

19%

5%28%

22%

7%

25%

17%

5%27%

20%

6%

34%

45%

21%32%

48%

20%

28

GEOGRAPHICAL GROSS PROFIT ANALYSIS


UK&I

Benelux

France

Germany

USA

APAC & ME

Australia

Asia

Middle East

29

SECTOR GROSS PROFIT ANALYSIS


SECTORAL

DIVERSIFICATION

GROSS PROFIT

GROWTH /

(DECLINE) BY

SECTOR*

FY 2017 FY 2016

1%

(2%)

25%

5%

7%

15% 12%

(9%)

(30%)

9% 8%

1%

43%

15%

9%

9%

22%

2%

45%

16%

8%

9%

21%

1%

30

GROSS PROFIT PERFORMANCE BY REGION

Note 1: GP Growth is at constant currency

GP Growth YoY FY 17 Average Sales Headcount YoY

Cont Perm Total Cont / Perm Mix Cont Perm Total

Q3 17 -10% -12% -10% Q3 17 -9% -9% -9%

Q4 17 -9% -25% -13% Q4 17 -4% -6% -4%

FY 17 -11% -22% -14% FY 17 -10% -17% -12%

Q3 17 +12% -9% +6% Q3 17 +24% -4% +13%

Q4 17 +24% -1% +16% Q4 17 +23% +2% +15%

FY 17 +17% -7% +9% FY 17 +21% -5% +10%

Q3 17 +24% +12% +20% Q3 17 -2% -5% -3%

Q4 17 +23% +6% +17% Q4 17 +9% +20% +12%

FY 17 +21% +12% +18% FY 17 -8% -9% -8%

Q3 17 +32% -20% +1% Q3 17 -11% -17% -15%

Q4 17 +4% -14% -7% Q4 17 +3% -9% -5%

FY 17 +24% -22% -4% FY 17 -6% -17% -14%

Q3 17 +9% -6% +5% Q3 17 +8% -7% +2%

Q4 17 +14% -5% +8% Q4 17 +12% +1% +8%

FY 17 +10% -8% +4% FY 17 +5% -10% -1%

Cont79%

Perm21%

Cont69%

Perm31%

Cont51%

Perm49%

UK&I

USA

APAC & MENA

19% of Group

22% of Group

7% of group

Cont71%

Perm29%

GROUP

Cont71%

Perm29%

C Europe52% of group

31

GROSS PROFIT PERFORMANCE BY REGION


GP Growth YoY HY 17 Average Sales Headcount YoY


Q1 17 -13% -37% -19% Q1 17 -12% -27% -18%

Q2 17 -14% -11% -14% Q2 17 -15% -22% -17%

HY 17 -14% -25% -16% HY 17 -14% -24% -17%

Q1 17 +17% -11% +7% Q1 17 +15% -9% +5%

Q2 17 +15% -8% +7% Q2 17 +20% -9% +8%

HY 17 +16% -9% +7% HY 17 +17% -9% +6%

Q1 17 +11% +16% +12% Q1 17 -17% -28% -21%

Q2 17 +23% +13% +20% Q2 17 -19% -17% -18%

HY 17 +17% +14% +16% HY 17 -18% -23% -20%

Q1 17 +11% -30% -14% Q1 17 -4% -22% -17%

Q2 17 +54% -22% +5% Q2 17 -12% -19% -17%

HY 17 +31% -26% -4% HY 17 -8% -21% -17%

Q1 17 +7% -14% - Q1 17 -1% -18% -8%

Q2 17 +9% -6% +4% Q2 17 - -15% -6%

HY 17 +8% -10% +2% HY 17 - -17% -7%

Cont79%

Perm21%

Cont68%

Perm32%

Cont53%

Perm47%

UK&I

USA

APAC & MENA

20% of Group

22% of Group

7% of group

Cont70%

Perm30%

GROUP

Cont70%

Perm30%

C Europe51% of group

32

GROSS PROFIT PERFORMANCE BY SECTOR


GP Growth YoY FY 17 Average Sales Headcount YoY


Q3 17 +2% -3% +1% Q3 17 +6% -7% +2%

Q4 17 +4% -6% +1% Q4 17 +8% -3% +5%

FY 17 +4% -6% +1% FY 17 +4% -10% -1%

Q3 17 +8% -6% +1% Q3 17 -11% -16% -14%

Q4 17 +17% -17% -1% Q4 17 -6% -7% -7%

FY 17 +6% -10% -2% FY 17 -7% -15% -11%

Q3 17 +37% +12% +35% Q3 17 +17% +5% +16%

Q4 17 +46% +113% +50% Q4 17 +20% +2% +19%

FY 17 +26% +15% +25% FY 17 +4% -19% +2%

Q3 17 +10% -5% +5% Q3 17 +27% -2% +15%

Q4 17 +23% -13% +11% Q4 17 +36% +9% +25%

FY 17 +17% -18% +5% FY 17 +21% -11% +7%

Q3 17 +13% -12% +3% Q3 17 +11% +2% +7%

Q4 17 +16% +6% +12% Q4 17 +21% +15% +18%

FY 17 +15% -4% +7% FY 17 +9% -3% +3%

Cont75%

Perm25%

Cont72%

Perm28%

Cont64%

Perm36%

ICT

ENGINEERING

LIFE SCIENCES

43% of Group

9% of Group

22% of group

Cont93%

Perm7%

Cont55%

Perm45%

BANKING & FINANCE

15% of group

9% of GroupENERGY

33

GROSS PROFIT PERFORMANCE BY SECTOR


GP Growth YoY HY 17 Average Sales Headcount YoY


Q1 17 +7% -10% +2% Q1 17 - -14% -5%

Q2 17 +3% -6% +1% Q2 17 - -14% -5%

HY 17 +5% -8% +1% HY 17 +0% -14% -5%

Q1 17 -5% -12% -8% Q1 17 -1% -20% -11%

Q2 17 +3% -6% -1% Q2 17 -9% -18% -14%

HY 17 -1% -9% -5% HY 17 -5% -19% -13%

Q1 17 -10% +1% -8% Q1 17 -13% -48% -17%

Q2 17 +30% -35% +24% Q2 17 -6% +2% -6%

HY 17 +10% -15% +7% HY 17 -9% -32% -12%

Q1 17 +22% -34% -1% Q1 17 +6% -28% -10%

Q2 17 +14% -17% +3% Q2 17 +15% -17% +1%

HY 17 +17% -26% +1% HY 17 +10% -23% -5%

Q1 17 +17% -13% +4% Q1 17 +3% -17% -7%

Q2 17 +12% - +7% Q2 17 +2% -9% -3%

HY 17 +15% -7% +6% HY 17 +3% -13% -5%

Cont74%

Perm26%

Cont72%

Perm28%

Cont64%

Perm36%

44% of Group

9% of Group

21% of group

Cont92%

Perm8%

Cont55%

Perm45%

15% of group

9% of group

ICT

ENGINEERING

LIFE SCIENCES

BANKING & FINANCE

ENERGY

34

UK&I TRADING METRICS

Note 1: Growth is at constant currency

Note 2: Office count includes corporate function offices

19% of

Group

GP

FY GROSS PROFIT GROWTH YoY

Q1 Q2 Q3 Q4 FY NOV 17 8

Contract -13% -14% -10% -9% -11% NOV 16 10

YoY -2

Permanent -37% -11% -12% -25% -22%

Total -19% -14% -10% -13% -14%

SECTOR MIX FY 2017

OFFICES

DIVISION MIX SECTOR MIX FY 2016

Outside FY 2017; inside FY 2016

77%

23%

79%

21%

Cont

Perm58%

14%

3%

12%

12%

1%ICT

Banking & Finance

Energy

Engineering

Life Sciences

Other

60%15%

3%

10%

10%

2%

UK

Ireland

35

UK&I TRADING METRICS

* Excluding retained business


Cont Perm Total YoY

YoY -1% -9% -3% -2%

YoY -10% -17% -12% -1% Below +4% Below

-26%

PERIOD END CONTRACT PERMANENT

SALES HEADCOUNT RUNNERS PLACEMENTS*

YoY

AVERAGE

YoY

vs

Group

PERMANENT

SALES HEADCOUNT PROFIT PER DAY RATE1 PLACEMENT FEE*1

Cont Perm Total YoY

vs

Group

CONTRACT GROSS

511

151

360

FY 17

Cont Perm Total

508

159

349

FY 17

Cont Perm Total

2,663

2,616

FY 16

FY 17

1,455

1,075

FY 16

FY 17

FY 16

FY 17

FY 16

FY 17

36

BENELUX TRADING METRICS



19% of

Group

GP

5% 1%

13% FY GROSS PROFIT GROWTH YoY

Q1 Q2 Q3 Q4 FY NOV 17 7

Contract +16% +19% +21% +38% +24% NOV 16 6

YoY 1

Permanent -18% -18% -33% -3% -17%

Total +6% +10% +8% +28% +13%

SECTOR MIX FY 2017

OFFICES

DIVISION MIX SECTOR MIX FY 2016


74%

26%

81%

19%

Cont

Perm 49%

13%

12%

12%

8%6%

ICT

Banking & Finance

Energy

Engineering

Life Sciences

Other

50%

13%

11%

12%

6%8%

Bel Lux

Neth

37

BENELUX TRADING METRICS



Cont Perm Total YoY

YoY +22% -9% +12% +29%

YoY +21% -19% +7% -0% Below +2% Below

YoY

vs

Group

PERMANENT


Cont Perm Total YoY

vs

Group

CONTRACT GROSSAVERAGE

-20%



YoY

421

106

315

FY 17

Cont Perm Total

392

99

293

FY 17

Cont Perm Total

1,970

2,537

FY 16

FY 17

993

794

FY 16

FY 17

FY 16

FY 17

FY 16

FY 17

38

GERMANY TRADING METRICS



28% of

Group

GP


Q1 Q2 Q3 Q4 FY NOV 17 8

Contract +16% +10% +7% +15% +12% NOV 16 8

YoY 0

Permanent -7% -5% +4% -1% -2%

Total +6% +4% +5% +8% +6%

SECTOR MIX FY 2017DIVISION MIX SECTOR MIX FY 2016

OFFICES


60%

40%

63%

37%Cont

Perm56%

6%4%

14%

20%

ICT

Banking & Finance

Energy

Engineering

Life Sciences

Other

52%

7%

4%

14%

23%

Germany

Switz

39

GERMANY TRADING METRICS



Cont Perm Total YoY

YoY +29% +14% +22% +18%

YoY +17% +3% +11% +1% Above +1% Below



vs

Group

YoY

-7%

vs

Group

AVERAGE CONTRACT GROSS PERMANENT


Cont Perm Total YoY YoY

681

280

401

FY 17

Cont Perm Total

590

253

337

FY 17

Cont Perm Total

1,971

2,316

FY 16

FY 17

1,746

1,619

FY 16

FY 17

FY 16

FY 17

FY 16

FY 17

40

FRANCE TRADING METRICS



5% of

Group

GP


Q1 Q2 Q3 Q4 FY NOV 17 3

Contract +21% +20% +9% +15% +16% NOV 16 1

YoY 2

Permanent -16% +5% -32% +14% -8%

Total +9% +16% -1% +14% +9%


OFFICES


72%

28%

76%

24%

Cont

Perm48%

20%

10%

4%

18%

ICT

Banking & Finance

Energy

Engineering

Life Sciences

Other

50%

19%

8%

7%

16%

France

41

FRANCE TRADING METRICS



Cont Perm Total YoY

YoY +24% -7% +15% +8%

YoY +35% -13% +18% +6% Below +2% Below



vs

Group

YoY

-23%

vs

Group




130

33

97

FY 17

Cont Perm Total

122

31

91

FY 17

Cont Perm Total

631

682

FY 16

FY 17

256

196

FY16

FY17

FY 16

FY 17

FY 16

FY 17

42

USA TRADING METRICS



22% of

Group

GP


Q1 Q2 Q3 Q4 FY NOV 17 8

Contract +11% +23% +24% +23% +21% NOV 16 8

YoY 0

Permanent +16% +13% +12% +6% +12%

Total +12% +20% +20% +17% +18%


OFFICES


67%

33%

69%

31%

Cont

Perm

14%

22%

17%

46%

ICT

Banking & Finance

Energy

Engineering

Life Sciences

Other

15%

25%

11%

49%

USA

43

USA TRADING METRICS



Cont Perm Total YoY

YoY +11% +23% +15% +14%

YoY -8% -9% -8% -3% Above -7% Above



vs

Group

YoY

+18%

vs

Group




353

120

233

FY 17

Cont Perm Total

319

104

215

FY 17

Cont Perm Total

1,363

1,552

FY 16

FY 17

680

803

FY 16

FY 17

FY 16

FY 17

FY 16

FY 17

44

ASIA PACIFIC & MIDDLE EAST TRADING METRICS



7% of

Group

GP


Q1 Q2 Q3 Q4 FY NOV 17 6

Contract +11% +54% +32% +4% +24% NOV 16 6

YoY 0

Permanent -30% -22% -20% -14% -22%

Total -14% +5% +1% -7% -4%


OFFICES


39%

61%51%49%

Cont

Perm

28%

38%

20%

14%

ICT

Banking & Finance

Energy

Engineering

Life Sciences

Other

29%

36%

17%

2% 16%

APAC & MENA

45

ASIA PACIFIC & MIDDLE EAST TRADING METRICS



Cont Perm Total YoY

YoY +12% -8% -1% +3%

YoY -6% -17% -14% -11% Below -2% Above



vs

Group

YoY

-19%

vs

Group




161

95

66

FY 17

Cont Perm Total

157

98

59

FY 17

Cont Perm Total

480

494

FY 16

FY 17

601

485

FY 16

FY 17

FY 16

FY 17

FY 16

FY 17

ICT BY REGION BANKING & FINANCE BY REGION

ENGINEERING BY REGION LIFE SCIENCES BY REGION

GROUP BY SECTOR

ENERGY BY REGION

ALL CHARTS: Outside FY 2017; Inside FY 2016

45%

16%

8%

9%

21%

43%

15%

9%

9%

22%

2%

33%

19%6%

32%

6%26%

21%

6%

36%

7%

4%

23%

14%

6%11%

31%

15%

18%

16%

7%

12%

32%

15%

12%5%

29%

45%

5%

11%

7%

4%

26%

48%

4%

27%

23%

44%

27%

25%

2%

44%

2%

UK&I Benelux France DACH USA APAC & ME

10%

26%

5%15%

29%

15%

6%

24%

5%

11%

41%

13%

46

SECTOR GROSS PROFIT ANALYSIS

47

CASH FLOW

Note 1: 2017 figures are adjusted for the impact of £6.7m of costs in relation to restructuring and relocation of UK central support functions

Note 2: 2016 figures are adjusted for the impact of £3.5m of costs in relation to the restricting of certain sales businesses and central support functions

Note 3: Cash conversion ratio is calculated as net cash generated from operations less capital expenditure, stated as a % of operating profit before exceptional items / adjustments, and is a

measure of the Group’s ability to convert profit into cash

Receivables & Payables

Increased due to growth in

our runner book and increase

in DSO’s

Treasury shares purchase

Purchased to settle share-

based payments

Cash conversion ratio

Reduced due to increase in

working capital

Commentary on Adjusted cash flow

Adjusted As Reported Adjusted As Reported

FY 2017 FY 2017 FY 2016 FY 2016

Operating profit before exceptional items £44.9m £38.2m £41.3m £37.8m

Depreciation, amortisation and impairments £6.1m £6.1m £5.7m £5.7m

Share awards charge and other non cash items £3.5m £3.5m £3.0m £3.0m

Increase in receivables (£35.7m) (£35.7m) (£9.4m) (£9.4m)

Increase in payables and provisions £22.3m £28.0m £6.3m £6.0m

Net cash generated from operations £41.1m £40.1m £46.9m £43.1m

Taxation paid (£10.9m) (£10.9m) (£8.5m) (£8.5m)

Capital expenditure (£5.8m) (£5.8m) (£7.2m) (£7.2m)

Investments (£1.1m) (£1.1m) (£0.7m) (£0.7m)

Net finance expense (£0.3m) (£0.3m) (£0.5m) (£0.5m)

Dividends paid (£18.0m) (£18.0m) (£18.0m) (£18.0m)

Treasury shares purchased (£7.8m) (£7.8m) (£6.8m) (£6.8m)

Tracker shares and share option related transactions £0.1m £0.1m £0.6m £0.6m

FX movement (£0.7m) (£0.7m) £2.7m £2.7m

Movement in net (debt) / cash (£3.4m) (£4.4m) £8.5m £4.7m

Cash outflow from FY17 restructuring (£0.9m)

Cash outflow from FY16 and FY15 restructuring (£0.1m) (£4.7m) (£4.7m)

Movement in net (debt) / cash after adjustments (£4.4m) (£4.4m) £3.8m £4.7m

Opening net cash £10.0m £10.0m £6.2m £6.2m

Closing net cash £5.6m £5.6m £10.0m £10.9m

Cash conversion ratio 79% 90% 96% 95%

CONTRACT

GROSS

MARGIN

GROSS

PROFIT

£99.7m £91.6m £72.5m £87.3m £97.1m £91.6m £100.8m £110.5m £119.8m £134.4m

£113.9m£76.2m £89.8m

£102.2m £102.4m £101.2m £117.4m £125.2m £138.9m£153.3m

£0m

£100m

£200m

£300m

£400m

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

H1 H2

21.5% 22.1% 21.6% 21.4% 21.5%20.2% 20.0% 19.8% 19.9% 19.8%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

48

HISTORICAL GROSS PROFIT & GROSS MARGIN

Note 1: 2013 data is based on a normalised 52 week period

Robust Contract margin despite strong growth in Energy

FY GP £213.6m £167.8m £162.4m £189.5m £199.5m £192.8m £218.2m £235.7m £258.7m £287.7m

FY OP

ADJUSTED

OPERATING

PROFIT

before

exceptional

items

CONVERSION

RATIO

adjusted

operating

profit before

exceptional

items as a %

of gross profit

£24.4m£11.0m £7.1m £11.0m £9.1m £6.7m £8.4m

£14.1m £15.3m £19.3m

£32.4m

£7.0m £14.1m£19.0m

£16.0m£14.3m

£21.4m

£27.4m £26.0m£25.6m

£0m

£10m

£20m

£30m

£40m

£50m

£60m

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

H1 H2

23.8

%

11.8

%

9.6%

12.2

%

9.2%

7.1%

8.3%

12.8

%

12.8

%

14.4

%

25.9

%

10.5

%

12.8

%

15.3

%

12.2

%

10.9

%

13.7

%

17.6

%

16.0

%

15.6

%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

HY FY

49

HISTORICAL OPERATING PROFIT & CONVERSION RATIO

Note 1: 2017 figures are adjusted for the impact of £6.7m of costs in relation to restructuring and relocation of UK central support functions


Note 3: 2015 figures were adjusted for the impact of £3.1m of costs in relation to restructuring Energy business and the impairment of IT assets

Note 4: 2013, 2014 and 2015 are before exceptional items

Note 5: Includes data for IT Job Board up to 2011 Note 6: 2013 data is based on a normalised 52 week period

£56.8m £18.0m £21.2m £30.0m £25.1m £21.0m £29.8m £41.5m £41.3m £44.9m

50

HEADCOUNT

Note 1: Headcount is now based on full time equivalent heads.

Note 2: Sales heads include consultants and sales management

Nov 09 May 10 Nov 10 May 11 Nov 11 May 12 Nov 12 May 13 Nov 13 May 14 Nov 14 May 15 Nov 15 May 16 Nov 16 May 17 Nov 17

Period End

Total Heads1,461 1,638 1,719 1,865 2,109 2,100 2,021 2,125 2,232 2,484 2,483 2,571 2,752 2,712 2,590 2,642 2,866

Period End

Sales Heads1,051 1,181 1,204 1,351 1,610 1,620 1,568 1,667 1,797 2,015 2,016 2,051 2,185 2,142 2,044 2,064 2,257

459 474 484 519 564 507 459 477 497 538 541 553 579 550 490 457 470

592707 720

832

1,046 1,1131,109

1,1901,300

1,477 1,475 1,4981,606 1,592

1,554 1,6071,787


UK Sales Heads Int'l Sales Heads

51

SALES HEADCOUNT

Note 1: Headcount is now based on full time equivalent heads

Note 2: Sales heads include consultants and sales management


Period End

Sales Heads1,051 1,181 1,204 1,351 1,610 1,620 1,568 1,667 1,797 2,015 2,016 2,051 2,185 2,142 2,044 2,064 2,257

436 481 458 529623 646 683

824 8941,009 1,067 1,124

1,270 1,299 1,280 1,3241,472615

700 746822

987 974 885

843903

1,006 949 927

915 843764 740

785


Contract Sales Heads Permanent Sales Heads

79%

6%

2%5%

8%

Payroll Property Advertising IT & Professional Other

16%

84%

Support Services Sales

52

COST BASE ANALYSIS

Note 1: Based on costs for FY 2017

The Group has maintained its flexible cost base

Cost

Base

Payroll

Costs

53

TRACKER SHARE ARRANGEMENTS

Low barriers to entry make it

a challenge to retain senior

staff – tracker shares

mitigate this.

The Tracker Share model

allows selected individuals

to invest in the business for

which they are responsible.

This is unique in the sector

and helps drive strong

retention and ownership

behaviours.

Tracker shares – how they work

> 77.5%

Owned by

SThree

< 22.5% Sold to

entrepreneurial

staff at fair value

< 22.5%

Sold to

SThree

> 77.5%

Owned by

SThree

5 YEARS

• Strong governance via

Tracker Shares Steering

Committee

• 2017 settlements £3.3m

(2016: £4.6m: 2015:

£8.5m, 2014: £8.3m)

• Expect future

settlements to be £5-

£15m in shares

• Settlements entirely at

SThree’s discretion –

no put option

DRIVES STRONG

RETENTION AND

OWNERSHIP BEHAVIOURS

Exit Value 1/2 - 2/3 x PAT x PERBusiness valued at fair sale value at an early stage

Note 1:PAT is Group Profit After Tax. PER is the Group Price/Earnings Ratio calculated as the Share Price/Adjusted Earnings Per Share.

54

40 OFFICES IN 16 COUNTRIES

USA

Austin

Boston

Chicago

Houston

Minneapolis

New York

San Diego

San Francisco

USA

BELGIUM

Antwerp

Brussels

NETHERLANDS

Amsterdam

Rotterdam

LUXEMBOURG

Luxembourg

FRANCE

Paris

Lyon

Toulouse

SPAIN

Barcelona

GERMANY

Berlin

Düsseldorf

Frankfurt

Hamburg

Munich

Stuttgart

SWITZERLAND

Zurich

AUSTRIA

Vienna

CONTINENTAL EUROPE

UK

Birmingham

Bristol

Glasgow

London

Leeds

Manchester

IRELAND

Dublin

UK & IRELAND

AUSTRALIA

Sydney

HONG KONG

Hong Kong

SINGAPORE

Singapore

JAPAN

Tokyo

Asia Pac & Middle East

UAE

Dubai

FULL YEAR RESULTS PRESENTATION 2017

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