International recruiter Randstad has announced a loss in the first quarter of 2009.

The company reported a net loss of €52.6m (£46.7m) compared to a €75.1m (£66.7m) net profit a year ago. 

In what the company described as “a difficult quarter”,  revenue dropped by 28% to €3.1bn compared to a pro forma figure - which is adjusted for the acquistion of Vedior - of €4.2bn.

The company says that while it cut its operating costs, these were offset by falling revenue and restructuring charges.

Ben Noteboom, Randstad’s chief executive, says: “Our challenge in this difficult quarter has been to adjust our cost base while preserving and even improving the foundations for our future growth potential.

“I am touched by the dedication and energy of our people who are doing a great job in adjusting costs and managing cash. They deserve credit for doing a painful job in what is always the slowest quarter of the year, due to seasonal patterns in our business.

“In many markets, our people are stepping up their commercial activities ensuring no demand is left undiscovered. We are gaining more and more client contracts.

“The capabilities of our new combined company, with a very strong presence in both staffing and professionals segments, give us an excellent position to be the partner of choice for our present and new clients.”