FINANCIALS: Challenges in Europe hit ManpowerGroup Q4 revenues

Recruitment giant ManpowerGroup has seen revenues drop 4% year-on-year, according to results for the three months to 31 December 2019.

The results reveal Q4 revenues of $5.2bn (£3.9bn), down 4% on the same period last year, with net earnings of $138.8m compared to $158.3m in Q4 2018.

Net earnings for the six months ended 30 June 2019 were $180.8m, compared to net earnings of $240.4m in H1 2018.

The results were affected by the stronger US dollar relative to foreign currencies compared to the previous year period. On a constant currency basis, revenues were down 2%, while on a constant currency basis, net earnings per diluted share decreased 6%. Earnings per share (EPS) in the quarter were adversely affected 5 cents by changes in foreign currencies compared to the prior year. Discrete net tax benefits positively impacted EPS by 23 cents in Q4 2019.

Jonas Prising, ManpowerGroup chairman and CEO, said: “Our fourth quarter performance reflects a challenging revenue environment in Europe, partially offset by growth in the Americas, Right Management and most markets within APME. While the global economy continues to face a high level of complex trade and geopolitical related risks, there are growth opportunities in this environment for our market-leading services and workforce solutions offerings.”

The results statement also revealed the launch of Talent Solutions, combining RPO, Tapfin MSP and Right Management. Prising added: “This is how we will continue to deliver new solutions and create added value that addresses our clients’ complex global workforce needs.”

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