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Randstad NA Revenue Up 21% Organically

February 17 2011

Randstad Holding NV, the world's second-largest staffing firm, reported fourth-quarter North American revenue rose 21 percent from the year-ago quarter on an organic basis, which excludes the impact of currencies, acquisitions and disposals.

The Netherlands-based company reported fourth-quarter North American revenue of euro495.6 million (US$656.7 million) compared to revenue of euro375.0 million in the fourth quarter of 2009. The increase on a nonorganic basis was 32 percent.

Demand for temporary labor remained strong in the United States, Randstad reported. Growth increased in the company's U.S. professional staffing business with the main drivers being information technology, finance and accounting, and life sciences. U.S. managed services also showed strong growth, according to the company.

Direct hire fees for North America rose 34 percent organically.

Fourth-quarter revenue at Randstad for the full company rose 22 percent to euro3.9 billion (US$5.2 billion) from euro3.2 billion in the fourth quarter of 2009.

Gross margin narrowed to 18.9 percent in the fourth quarter from 19.1% in the same period the year prior.

Randstad posted fourth-quarter net income of euro138.5 million (US$183.5 million), up from euro47.7 million in the year-ago quarter.

For full-year 2010, Randstad's North American revenue rose 27 percent on a nonorganic basis to euro1.8 billion (US$2.4 billion).

For the company as a whole, revenue rose 14 percent to euro14.2 billion (US$18.8 billion) in 2010.Gross margin narrowed to 18.8 percent from 19.5 percent

Full-year net income jumped to euro288.5 million (US$382.3 million) from euro67.6 million.

During 2010, Randstad acquired Japan-based staffing firm Fujistaff Holdings Inc. in October. FujiStaff contributed euro105.0 million in revenue in the fourth quarter. FujiStaff had ranked No. 38 on Staffing Industry Analysts' list of largest global staffing firms. Randstad also raised its stake in Indian Ma Foi, to 100 percent from 83 percent, in the fourth quarter. Randstad also said it sold its stake in Hughes Castell Hong Kong.

In addition, Randstad announced that its founder, Frits Goldschmeding, would be stepping down from its supervisory board in March.

Randstad Holding NV

For the fourth quarter ended Dec. 31, 2010, compared with the same period in the previous year.
Revenue: euro3.9 billion (US$5.2 billion), +22 percent
Net income: euro138.5 million (US$183.5 million), +190.4 percent

For the full year ended Dec. 31, 2010, compared with the previous year.
Revenue: euro14.2 billion (US$18.8 billion), +14 percent
Net income euro288.5 million (US$382.3 million) vs. net income of euro 67.6 million

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