FINANCIALS: Gradual European slowdown continues at Randstad
26 July 2012
Europe saw a gradual slowdown, while there was growth in Asia and North and Latin America at international recruiter Randstad in its Q2 financial report, with the US and Japan particularly strong performers.
Thu, 26 Jul 2012
Europe saw a gradual slowdown, while there was growth in Asia and North and Latin America at international recruiter Randstad in its Q2 financial report, with the US and Japan particularly strong performers.
Global revenues rose 10% on Q2 2011 to €4.3bn (£3.4bn), although this was actually a 2% drop organically (when adjusted for constant currency, and excluding the impact of acquisitions, disposals and reclassifications). Gross profit was up 9% to €782.4m, while EBITA (earning before interest, tax and amortisation) was down 12% to €153.5m.North America and the rest of the world were the only two regions that saw an organic rise in revenues, of 7% apiece. North American revenue was €995.4m, making it the company’s largest division, while rest of the world was €383.8m.
North America was the only country with organic EBITA growth, of 30%, while it fell by double-digit figures in all other regions.
Iberia saw the largest decline in revenue of 10%, becoming the group’s smallest division at £196.5m revenues, an accolade previously belonging to the UK. It also saw EBITA more than half from €3.7m to €1.7m.
Chief executive Ben Noteboom says: “Our focus is on profitability above market share, and on stringent cost control. We have great confidence in the ability of our people to adjust and adapt as needed, as we have recently seen in the Netherlands and Germany.”
Europe saw a gradual slowdown, while there was growth in Asia and North and Latin America at international recruiter Randstad in its Q2 financial report, with the US and Japan particularly strong performers.
Global revenues rose 10% on Q2 2011 to €4.3bn (£3.4bn), although this was actually a 2% drop organically (when adjusted for constant currency, and excluding the impact of acquisitions, disposals and reclassifications). Gross profit was up 9% to €782.4m, while EBITA (earning before interest, tax and amortisation) was down 12% to €153.5m.North America and the rest of the world were the only two regions that saw an organic rise in revenues, of 7% apiece. North American revenue was €995.4m, making it the company’s largest division, while rest of the world was €383.8m.
North America was the only country with organic EBITA growth, of 30%, while it fell by double-digit figures in all other regions.
Iberia saw the largest decline in revenue of 10%, becoming the group’s smallest division at £196.5m revenues, an accolade previously belonging to the UK. It also saw EBITA more than half from €3.7m to €1.7m.
Chief executive Ben Noteboom says: “Our focus is on profitability above market share, and on stringent cost control. We have great confidence in the ability of our people to adjust and adapt as needed, as we have recently seen in the Netherlands and Germany.”
- Randstad group company Randstad Construction, Property and Engineering’s 2011 newly-released results show turnover growing 5.6% at £102.3m, but operating profit dropping 27.1% to £1.1m, although three separate one-off costs more than accounted for the £415k difference between this and the previous year’s figure.
