Fourth-quarter revenue at Randstad Holding NV rose 7% on an organic basis, which excludes the impact of currency, acquisitions and divestitures and adjusts for working days. European markets fueled the growth, with revenue up 10% each in France and Germany and strong results from other European countries.

Revenue edged up 1% on an organic basis in North America, Randstad’s largest market. In Randstad’s second-largest market, the Netherlands, revenue rose 2%.

Randstad’s combined US businesses were flat — as they were in the third quarter as well. Revenue rose 2% in US staffing/inhouse but US professionals revenue fell 4% in the fourth quarter following a 3% decrease in the third quarter. In Canada, revenue rose 4% year over year, remaining ahead of the market.

Randstad said it expects M&A activity to be limited in 2017 as it plans to focus on harnessing the potential of recent acquisitions: Randstad completed its acquisition of Monster Worldwide Inc. (NYSE: MWW) on Nov. 1, 2016. The company acquired professional staffing company BMC in the Netherlands on Jan. 12 for an enterprise value of €65 million and Randstad France gained control of French consulting and engineering firm Ausy as of Jan. 31. Randstad has also made a number of other investments last year, including Italian staffing firm Obiettivo Lavoro Group in July and Tokyo-based staffing firm Careo Holdings Ltd.

“We see growth in the blue collar segment in Europe and that is a sign of an early cycle (in recovery),” Randstad CFO Robert Jan van de Kraats told Reuters following the release of its earnings results. Van de Kraats said he had seen signs of growth in Europe since late 2013 but it seemed to be picking up now.

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"Thanks to the effort of all our employees, Randstad enjoyed an exciting 2016, finishing the year on a strong note, with accelerating topline growth in many countries," said CEO Jacques van den Broek. "2016 was also a year of several relevant acquisitions, which will help us achieve our strategic ambitions. I would like to extend a warm welcome to our more than 5,000 new colleagues globally. We look forward to harnessing the full potential of our corporate development announced in 2016. I wish my colleagues every success in this process, and I am confident that, together, we will be able to take the next step. Our financial position remains healthy, reflected by the proposal of an all-cash dividend of €1.89 per ordinary share, a record high."

Revenue by geography

Growth rates below are organic:

North America

• Revenue growth rose 1% and perm fees fell 3%. Combined US businesses were flat, with US staffing/inhouse up 2%. US professionals revenue fell 4%. In Canada, revenue rose 4%, remaining ahead of the market.

Netherlands

• Revenue rose 2% and overall perm fee growth was 13%. The group’s staffing and inhouse businesses grew 3%, with growth affected by price pressure, and its professionals business declined 8%.

France

• Revenue growth accelerated to 10%. Combined staffing and inhouse business increased to 9%, while professionals accelerated to 17%. Perm fees were up 21%.

Germany

• Revenue per working day rose 10% year-over-year, ahead of the market. Combined staffing and inhouse businesses rose 10% and professionals rose 11%

Belgium and Luxembourg

• Revenue per working day rose 5%. Staffing/inhouse business increased 5% while professionals business was up 10%.

Iberia

• Revenue rose 10%, with staffing/inhouse combined growing 10%. In Spain, revenue rose 12% in Spain and permanent placements increased 13%. In Portugal, revenue rose 7%.

United Kingdom

• Revenue per working day rose 2% while overall perm fee growth fell 9%.

Other European countries

• Across “Other European countries,” revenue per working day rose 20%. Italy, Poland and Switzerland outpaced market growth. In Italy, revenue rose 26% and in Poland, sales growth accelerated to 14%. Revenue rose 23% in Randstad’s Swiss business and edged down 1% in the Nordics.

Rest of the world

Overall revenue in the “rest of the world” region rose 10%. In Japan, revenue rose 5%. Revenue in Australia/New Zealand rose 12%, and China accelerated to 28% growth. India business increased 4%, while Latin America was stable, with growth of 20% driven by Argentina and Brazil.

Revenue by business line

Full-year results

Share price and market cap

Shares in Randstad rose 4.0% to €57.51 (US$61.09). The company had a market cap of €10.53 billion (US$11.18 billion), according to Google.