Netherland-based Randstad Holding posted a decrease of 7% in net income for its third quarter ended Sept. 30. Net income includes a one-off tax charge of about ‚¬14 million. Total revenue for the quarter amounted to ‚¬2.41 billion, an increase of 11% compared to the same quarter in 2006.

Organic growth amounted to 10%. Currencies had a negative impact of about 1%. The company reported stabilization in the decline in North American revenue and a relatively stronger September versus July and August.

"Long term prospects for the global HR services markets are good," said CEO Ben Noteboom.. "Growth in our markets has slowed from the earlier very high levels, but in Europe and Asia we continue to see good growth, and the decline in North America shows signs of bottoming out."

Revenue in North America declined 4% organically.However, with the subdued temp volumes at large clients and low productivity, the company is cutting costs and reduced headcount by 100 people in the third quarter. It also closed seven branches. In total, Randstad will close 15 to 20 branches. Related restructuring charges, included in regular EBITA, amounted to about US$4 million in the quarter.

Meanwhile, Randstad showed growth in other regions around the world. German operations grew by 17%; Belgium continued to outperform the market and generated 16% organic growth.

Randstad Holding
For the third quarter ended Sept. 30, compared with the same period in 2006

Revenue: ‚¬2.41 billion, +11%
Net income: ‚¬14 million, -7%