RE: UK Support Locations

Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 SThree (STHR) 
RE: UK Support Locations 
 
01-Nov-2017 / 10:56 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
1 November 2017  For immediate release 
 
      SThree plc 
 
      ("SThree" or the "Group") 
 
      Proposed Relocation of UK Support Functions 
 
SThree, the international specialist STEM staffing business, announces that, 
          following a review of its UK-based global support structure, it is 
      commencing a consultation with employees on the proposed relocation of 
       support functions away from its London headquarters to a new facility 
            located within another UK city. 
 
   The initiative will develop a more sustainable support function that will 
      enable the Group to deliver higher growth, become more competitive and 
            improve shareholder returns. 
 
    An exceptional charge of circa GBP13m will be booked in the financial year 
ending 30 November 2017. The Group estimates the cash cost of the move would 
be circa GBP12m in the financial year ending 30 November 2018, with annualised 
        cost savings of circa GBP4-5m. The relocation programme is expected to 
     complete during the fourth quarter of 2018, with cost savings in FY2018 
         expected to be circa GBP1m, with the full benefit expected from 2019. 
 
    Gary Elden, Chief Executive Officer, said: "SThree has grown and changed 
 significantly over the last decade, with the scope of our business shifting 
            from a primary focus on permanent candidates to managing ongoing 
 relationships with close to 10,000 contractors globally. Moving our support 
       functions to a new location within another UK city would enable us to 
        provide the same quality of support to the business while generating 
      significant cost savings. This more sustainable cost structure will be 
    crucial if we are to continue to grow for the benefit of our people, our 
            customers and our shareholders." 
 
      - Ends - 
 
                                        Enquiries: 
                                        SThree plc 020 7268 6000 
Gary Elden, CEO 
 
Alex Smith, CFO 
Sarah Anderson, Deputy Company Secretary/IR 
Enquiries 
 
                            Citigate Dewe Rogerson 020 7638 9571 
Kevin Smith/Jos Bieneman 
 
            Notes to editors 
 
   SThree is a leading international specialist staffing business, providing 
    permanent and contract specialist staff to a diverse client base of over 
  7,000 clients. From its well-established position as a major player in the 
       Information and Communication Technology ('ICT') sector the Group has 
      broadened the base of its operations to include businesses serving the 
           Banking & Finance, Energy, Engineering and Life Sciences sectors. 
 
 Since launching its original business, Computer Futures, in 1986, the Group 
  has adopted a multi-brand strategy, establishing new operations to address 
        growth opportunities. SThree brands include Computer Futures, Huxley 
    Associates, Progressive and The Real Staffing Group. The Group has circa 
            2,700 employees in sixteen countries. 
 
 SThree plc is quoted on the Official List of the UK Listing Authority under 
     the ticker symbol STHR and also has a US level one ADR facility, symbol 
            SERTY. 
 
            Important notice 
 
  Certain statements in this announcement are forward looking statements. By 
         their nature, forward looking statements involve a number of risks, 
   uncertainties or assumptions that could cause actual results or events to 
      differ materially from those expressed or implied by those statements. 
Forward looking statements regarding past trends or activities should not be 
 taken as representation that such trends or activities will continue in the 
        future. Certain data from the announcement is sourced from unaudited 
  internal management information. Accordingly, undue reliance should not be 
            placed on forward looking statements. 
 
ISIN:          GB00B0KM9T71 
Category Code: MSCL 
TIDM:          STHR 
LEI Code:      2138003NEBX5VRP3EX50 
Sequence No.:  4797 
 
End of Announcement EQS News Service 
 
624123 01-Nov-2017 
 
 

(END) Dow Jones Newswires

November 01, 2017 06:59 ET (10:59 GMT)