The results, released late last week, reveal revenues of $5bn (£3.8bn), with Q1 2019 net earnings in the quarter of $53.5m down from $97m in the opening quarter of last year. The group reported net earnings of $0.88 per diluted share, compared to $1.45 per diluted share a year previous.

The group added Q1 2019 financials included restructuring costs, which reduced earnings per share by 51 cents, while results were also affected by the stronger US dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues decreased 2% and net earnings per diluted share decreased 34%, or 12% excluding the impact of restructuring costs. Earnings per share in the quarter were negatively impacted 7 cents by changes in foreign currencies compared to the previous year, or 12 cents excluding the restructuring costs.

The group revealed it had also purchased the remaining interest in the Switzerland Manpower business with annual revenues of roughly $500m during April 2019, while during the first quarter, it had also repurchased 1.2m shares of common stock for $101m.

ManpowerGroup chairman & CEO Jonas Prising said: “Our global team executed well and delivered solid first quarter results against the backdrop of a slow global growth environment. Demand for our extensive portfolio of workforce solutions and services across our global footprint provides us with good opportunities for profitable growth going forward.”

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