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Randstad North America revenue down 3% organically

April 25 2013

Randstad Holding NV’s North America revenue fell 3 percent on an organic basis in the first quarter to €900.2 million (US$1.15 billion). Organic growth excludes the impact of currency, acquisitions, disposals and reclassifications.

The company said first-quarter revenue in its U.S. staffing and inhouse business fell by 4 percent but gross profit rose by 6 percent. Randstad’s U.S. professional staffing segment saw revenue contract by 5 percent per working day. The company said professional staffing revenue growth continued in in pharma and engineering, but revenue was under pressure in IT and finance mainly due to lower demand in the banking and finance segments.

Randstad reported that Canadian revenue rose by 3 percent per working day.

Global revenue at Randstad fell 4 percent on an organic basis to €3.83 billion (US$4.91 billion) in the first quarter. Revenue fell 12 percent on an organic basis in France and fell by 9 percent on an organic basis in Belgium and Luxembourg. However, revenue rose 6 percent on an organic basis in the rest of the world outside Europe and North America.

Global gross margin narrowed to 17.8 percent in the first quarter from 18.0 percent in the year-ago quarter. The company said gross margin enhancements in North America and France were more than offset by lower gross margins in the Netherlands and Germany.

First-quarter net income rose 3 percent to €29.7 million (US$38.1 million) from €28.8 million in the year-ago quarter.

Randstad Holding NV
For the first quarter ended March 31, 2013, compared with the year-ago period. (Not on an organic basis.)
Revenue: €3.83 billion (US$4.91 billion), -8 percent
Net income: €29.7 million (US$38.1 million), +3 percent

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