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MPS Group 3Q08 earnings up 4%

October 30 2008

MPS Group Inc. (NYSE: MPS) recorded a 4% increase in revenue for the quarter ended Sept. 30. The company generated revenue of $577 million compared with $556.6 million posted in the same quarter in 2007. Excluding the impact of acquisitions and foreign currency exchange rates, revenue increased 2% versus the same quarter of 2007. Net income for the quarter slipped 7.4% to $17.2 million.

The company's North American Professional Services segment experienced a revenue increase of 9% to $192.2 million versus the third quarter of 2007 revenue of $176.1 million. Excluding the impact of acquisitions, the North American Professional Services segment revenue rose 3% versus the third quarter of 2007.

International Professional Services was down 1.8% to $142.0 million compared with $144.7 million in the same quarter in 2007.

North American Information Technology Services was down 2.6% to $154.8 million. International Information Technology Services was up 15% to end the quarter at $88.5 million.

MPS chalked up gross profit of 28.4% during the quarter, down from 29% in the same quarter last year.

"The professional employment market appeared to deteriorate further in September, particularly in permanent placement," said CEO Tim Payne. "Our business in the United Kingdom and Europe has more exposure to the financial services sector than our North America operations, and this had a negative impact on our third quarter results. Based on our experience and recent world events, we will probably see further deterioration in coming months."

Looking ahead, the company is projecting fourth quarter revenue in the range of $500 million to $520 million. This number is down 12.3% to 8.8% from $570 million posted in the fourth quarter of 2007.

MPS Group Inc. (NYSE: MPS)
For the quarter ended Sept. 30, 2008
compared with the same period in 2007
Revenue: $577 million, 4%
Net income: $17.2 million, -7.4%

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