StepStone Records Slight Revenue Decline in Q3

October 26, 2009 – StepStone, a London-based provider of human capital management solutions, has recorded revenues of €24.1m for the third quarter of 2009, a slight decline from revenues of €24.7m during the same quarter a year ago. The company delivered underlying adjusted EBITDA of EUR2.6m (Q2 2009: EUR2.9m) and generated cash from operations of EUR1.3m. During the quarter, StepStone contracted with 71 new customers for its solutions products, compared to 55 in the second quarter a nearly 30 percent sequential increase, and the first increase in over a year. The company expects Q4 2009 to be the first time since Q1 2008 that it will be able to report quarter on quarter growth in sales of online products. “Our market share footprint continues to expand in a very satisfactory way, and this growth in new Solutions business, combined with signs of stabilization we are seeing in our online business, is very encouraging for the future,” said StepStone CEO, Colin Tenwick. “We have demonstrated an ability, even in markets which remain very competitive, to build momentum and win new business whilst continuing to secure better penetration in our existing customer base. This also contributes to consolidating our position as the leading European based talent management provider.”

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