Manpower withdraws revenue and earnings guidance for fourth quarter

Mon, 5 Jan 2009

Multi-sector recruiter Manpower has withdrawn its revenue and earnings guidance for the fourth quarter of 2008 due to continued declines in global labour markets and changes in foreign currencies.

Manpower had estimated a fourth quarter revenue decline of 9 to 11%, or 5 to 7% in constant currency. During the two months ended 30 November, 2008, the recruiter experienced a revenue decline of 20%, or 11% in constant currency, compared to the same period in 2007. On an average daily basis, revenues declined 17%, or 8% in constant currency.

Manpower adds that as a result of the weaker operating environment, it was taking measures to align its cost base with the lower revenue levels and plans to take a restructuring charge in the fourth quarter related to employee severance and office closure costs.