International staffing firm Randstad says its revenues are continuing to decline, with revenue per working day decreasing by 6% in October. 

In a statement Randstad says the gradual slowdown, as witnessed in the third quarter, continued in October (-9%).

“The Netherlands and Belgium declined at a similar level as in September, whereas the fall in France (-14%) and Germany (-9%) was more pronounced,” says the company.

It says that sales in North America were flat, adding that it was “partly impacted” by the effects of Hurricane Sandy.

Randstad says it has also agreed an expansion of its syndicated credit facility with Industrial and Commercial Bank of China, which extends the credit facility to €1,420m (£1,143m). The company has also entered into negotiations with a number of banks to secure up to €200m (£161m) in additional credit under the same conditions as the Industrial and Commercial Bank of China facility.

Randstad also announced a new dividend policy from 2013, which “aims at a pay-out ratio of 40-50% of adjusted earnings per share” and offers shareholders a choice between shares and cash dividend. 

“At the same time we aim to install anti-dilution measures, such as share buy-backs, when the financial position will allow for it,” the statement adds. 

The company says it is “confident that we will reach an EBITA margin of 5-6% over time, through revenue growth and mix improvement”.