Randstad chief executive Ben Noteboom has hailed the company’s “stringent cost control” since Q3 2008, despite the company’s gross profit being down 35% on last year.

The company posted gross profit of €596m (£541.5m) in the third quarter of this year, on a revenue of €3,178m.

Noteboom says: “It is encouraging that the revenue trend has become a little better throughout the quarter on average, a trend which has continued in October.

“The pattern is classic, with professionals businesses stabilising, while staffing and in-house services are gradually picking up in several geographies.”

Gross margin has come down from 20.6% to 18.8%, and Noteboom adds: “Stringent cost control has paid off. We will certainly need to keep a close eye on costs during the coming quarters, especially in view of the increased pressure on gross margin.”