StepStone Posts Revenues Decline

July 31, 2009 – StepStone, a London-based provider of human capital management solutions, has recorded revenues of €24.7m for the second quarter of 2009, compared to revenues of €30.9m during the same quarter a year ago. The company delivered Q2 2009 adjusted EBITDA of €2.9m and generated cash from operations of €2.5m. Demand for online recruitment products, which advertise current job vacancies, has fallen sharply in the last two quarters as the vast majority of employers continue to either freeze or reduce headcount. The volume of business contracted has decreased by close to 50 percent in six months. A total of 55 new customers subscribed for StepStone’s talent management products in the second quarter and 101 existing customers extended their usage.