Second-quarter revenue at Randstad Holding NV rose 9% on an organic basis, which excludes the impact of currency, acquisitions and divestitures and adjusts for working days. European markets drove the growth with revenue on an organic basis up 29% in Italy, 16% in Iberia and 14% in Belgium and Luxembourg.

Revenue edged up 1% on an organic basis in North America, Randstad’s largest market. Growth in the US was flat overall with US staffing/inhouse business growing by 2% and revenue in the US professionals business down 2%. Canadian revenue increased 9%.

Randstad previously launched a “Global Businesses” reporting segment that includes Monster; outplacement provider RiseSmart, European freelance marketplace twago; and Randstad Sourceright, which includes recruitment process outsourcing and managed service provider solutions. Global Business revenue rose 11% on an organic basis in the second quarter to €300.0 million (US$342.3 million).

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“In Q2, our organic sales growth accelerated to the highest level since 2011, driven by double-digit growth in Europe,” said CEO Jacques van den Broek. “Also momentum in the rest of the world region improved versus Q1, while growth in our North American business was stable. We are satisfied with the progress of our acquisitions and remain very excited about their future contribution to the group.”

Revenue by geography

Growth rates below are organic:

North America

• Revenue rose 1% and perm fees rose 3%. Combined US businesses was flat. US staffing/inhouse business rose 2%. US professionals revenue fell 2%. In Canada, revenue rose 9%, showing continued acceleration.

Netherlands

• Revenue rose 2%. Overall perm fees rose 4%. Staffing and inhouse businesses rose 3%, with growth impacted by price pressure. Professionals business revenue was flat, while profitability improved markedly.

France

• Revenue rose 14%. Perm fees rose 43%. Staffing/inhouse revenue rose 13%. Professionals business rose 19%, driven by Expectra and healthcare.

Germany

• Revenue per working day rose 9%. Combined staffing and inhouse business increased 8%, while professionals rose 13%.

Belgium & Luxembourg

• Revenue rose 14%. Staffing/inhouse business rose 14%, while professionals was up 10%.

Iberia

• Revenue rose 16% with staffing/inhouse combined growing 16% and professionals up 8%. Spain was up 19% with Spanish permanent placements up 15%. In Portugal, revenue rose 8%.

Italy

• Revenue per working day in Italy — pro forma, including Obiettivo Lavoro — rose 29% year over year. The company said the integration of Obiettivo Lavoro is progressing ahead of expectations.

Other European countries

• Across “other European countries,” revenue per working day grew by 11%. In the UK, revenue edged up 2%, while perm fees rose 3%. In the Nordics, sales rose by 11% on an organic basis while the Proffice integration is well on track. Revenue in Randstad’s Swiss business rose 22%. In Poland, revenue growth accelerated to 12%.

Rest of the world

• Overall revenue in the “rest of the world” region accelerated to 12% growth from 9% in the first quarter. In Japan, revenue rose 6%. Revenue in Australia/New Zealand rose 14%, while revenue in China rose 10%. Randstad’s business in India rose 11%, while in Latin America revenue rose 21%, driven by Argentina and Chile.

Global Businesses

• Overall revenue growth per working day increased by 11%, mainly driven by Randstad Sourceright. Monster sales growth fell 16%, in line with the first quarter.

Revenue by business line

Outlook

In June, revenue rose at a pace similar to the 9.3% increase in the second quarter and development of volumes in early July indicate a continuation of the Q2 growth rate.Third-quarter gross margin is expected to be slightly down sequentially. Operating expenses are expected to be lower sequentially on an organic basis in the third quarter, related to seasonality and Monster cost management.

There will be an adverse one working day impact in the third quarter. M&A activity will be limited in the coming quarters.

Share price and market cap

Shares in Randstad rose 5.76% today to €30.29 and the company had a market cap of €10.52 billion (US$12.0 billion), according to Yahoo.