International recruiter Randstad is on the road to recovery and “should do very well”, according to Ben Noteboom, the company’s chief executive.

“Our markets have stabilized and classical recovery patterns are visible”, says Noteboom. “If recovery continues we should do very well. Clients worldwide realize that they need efficiency in the way they employ people, more than ever before.

“Our company emerges from the downturn with much improved debt levels and well-adjusted cost levels. We can offer an unparalleled range of services to our clients as the expertise of our people is very much still in place. We have ample capacity to benefit from renewed growth in all major global markets.

“Whether it is in staffing, in managed services or in the placement of professionals, we have an excellent position from which to start building again, and our new Randstad group is ready for the future,” said Noteboom.

Noteboom’s comments came as Randstad announced an 18% drop in revenue in Q4 of 2009 to €3.2bn (£2.8bn)when compared with Q4 in 2008.

However, there was evidence that the rate of revenue decline slowed in the latter part of 2009.

In the US the rate of decline fell from -21% in October to -13% in December.

UK revenue fell 19% compared to 29% in the previous quarter.

Ranstad’s combined US staffing and in-house services business began growing in mid-November 2009.

Other key financial highlights were:

Gross profit €606m down 26% on Q4 2008

Gross margin 19.1% (2007: 21%)

EBITA earnings before interest, tax and amortisation down 40% at €106m

Following the integration of Randstad and Vedior in May 2008, the key financial points for the full year 2009 were;

Revenue €12.4bn (2008:€17.0bn)

Operating expenses reduced by 22% to €2.1bn

Net debt fell from €1bn to€626m