US-listed global staffing group ManpowerGroup’s Q1 financial results have been significantly affected by the strong US dollar, with gross profit falling from US$816.5m in Q1 2014 to $762m this year, the firm announced yesterday. 

Net earnings for the three months ended 31 March 2015 were $65.7m, down from the $70.1m in the comparable period last year. Revenues for the first quarter were $4.5bn, a decrease of 7% from the previous year. On a constant currency basis, revenue increased 7%.

Revenue from services increased slightly in the US to $725.1m (2014: $720.5m), as it did in “other Americas” where it increased to $359.3m (2014: $350.6m). Revenue from services fell in all other areas with Southern Europe falling to $1,537.1m (2014: $1,722m) and Northern Europe to $1,323.3m (2014: $1,463.9m)

ManpowerGroup chief executive Jonas Prising said in a statement he was encouraged by the improving European economy.

“It is encouraging to see the early signs of more broad based improvement in Europe, setting the stage for what we believe could be a slow but sustained labour market recovery in that region.”