RESULTS: Manpower net earnings up 12.5% in Q1
Mon, 23 Apr 2012
Manpower saw net earnings for the three months ending 31 March of $40.2m (£25m), up 17.5% at constant currency from the Q1 2011 figure of $35.7m.
This translated to an operating profit of $93.8m (£58.3m), up from $85.6m, while gross profit was down from $857.6m (£532.7m) to $847.4m. While a 1.2% fall, this actually equates to a 1.1% when adjusted at constant currency.
Jeffrey A Joerres, Manpower chief executive, says: “We were able to achieve very solid profitability despite the continued headwinds of slow economic growth. Our geographic footprint, wide range of offerings and very good expense management contributed to the strong quarter.”
Breakdown of revenue and operating profit by region (all comparisons shown are at constant currency):
- US: revenue $735.8m (down 2% on Q1 2011), operating profit $6.9m (down 20.8% on Q1 2011)
- Americas (excluding US): revenue $402.5m (up 16.1%), operating profit $15.3m (up 26.2%)
- France: revenue $1,291.8m (down 0.4%), operating profit $5.5m (down 51.4%)
- Italy: revenue $267.5m (down 1.9%), operating profit $14.5m (up 18%)
- Rest of Southern Europe (excluding France and Italy): revenue $195.2m (up 13.7%), operating profit $3.5m (up 64.9%)
- Northern Europe: revenue $1,444m (up 2.6%), operating profit $43.9m (up 8.3%)
- Asia-Pacific and Middle East (APME): revenue $680m (up 9.8%), operating profit $19.6m (up 16.1%)
- Right Management: revenue $79.6m (down 2%), operating $2.5m (down 24.5%)