FINANCIALS: Strong US dollar affects ManpowerGroup profits

A strong US dollar has continued to have a detrimental impact on ManpowerGroup’s profits, with gross profit (GP) falling 9% in Q2 2015 on the corresponding quarter last year, the US-listed global staffing group announced yesterday.
Wed, 22 Jul 2015

A strong US dollar has continued to have a detrimental impact on ManpowerGroup’s profits, with gross profit (GP) falling 9% in Q2 2015 on the corresponding quarter last year, the US-listed global staffing group announced yesterday.

Results for Q2 2015, published yesterday, reveal revenues for the second quarter were $4.9bn (£7.62bn), while net earnings in the period were $105.7m compared to $109.8m on the same period in 2014. On a constant currency basis, revenues increased 7% and earnings per share increased 16%. Earnings per share in the quarter fell 23 cents due to changes in foreign currencies compared to last year.

In April the group’s Q1 financial results were also significantly affected by the strong US dollar, with GP falling from $816.5m in Q1 2014 to $762m in Q1 2015. 

But commenting on the group’s results for the period, ManpowerGroup chief executive Jonas Prising pointed to “solid growth” in a number of countries the group operates in, including the UK, Italy, Spain and Mexico.

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