FINANCIALS: ManpowerGroup gross profit up slightly

Gross profit for the three months to 30 June at ManpowerGroup was $94.4m (£60.8m), marginally up on the previous quarter total of $93.8m, but significantly down on the $150.8m seen in the same period in 2011.
Mon, 23 Jul 2012
Gross profit for the three months to 30 June at ManpowerGroup was $94.4m (£60.8m), marginally up on the previous quarter total of $93.8m, but significantly down on the $150.8m seen in the same period in 2011.

This included a reorganisation charge of $18.7m and legal settlement costs of $10m.Revenues from services were down 8.1% to $5,206.7m, although this was only a marginal drop of 0.8% when calculated at constant currency.

Geographically, the US saw the greatest drop in operating profit, falling to $7.7m, nearly a third of its previous year value.

All other geographies but two saw a drop in operating profit when expressed at constant currency, apart from ‘Other Southern Europe’ (up 26.3% to $3m) and Asia Pacific and Middle East (up 17.6% to $21.8m).

The Right Management workforce solutions division, having achieved $2.8m operating profit in this period last year, saw a $2.9m loss this time around.

ManpowerGroup chairman and chief executive Jeffrey A. Joerres comments: “The second quarter underscored our ability to execute well in a difficult environment. It was a quarter in which we experienced mild but steady declines in revenue throughout the quarter.”

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