Stepstone slashes staff, ends funding to its UK site

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The firm said it would now focus on its three most successful markets - Germany, Belgium and Denmark. It would also continue to operate in Norway, Sweden, Finland, the Netherlands and Luxembourg.

Stepstone said it was &quotunable to sustain the current level of investment across Europe,&quot and was cutting its workforce to below 350, from 876 at the end of September.

It said it made a loss before EBITDA in the third quarter this year of €16.7m, compared to a loss of €40.8m in the same period last year. Revenues fell to €13.4m from €14.1 million.

Stepstone said it planned to call an extraordinary general meeting, and that efforts to raise more funds were at an advanced stage. &quotHowever, if sufficient funds are not forthcoming within the planned timescale the company will be unable to continue trading as a going concern,&quot it said.

The company's cash reserves fell to €22.5m at the end of the third quarter, from €46.9m at the end of the second quarter. The company handles jobs in a range of careers, including financial services.

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