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Randstad North American revenue up, IT 'strong'

April 28 2010

Randstad Holding NV, the world's second-largest staffing firm, reported first-quarter North American revenue of euro389.6 million (US$524.1 million). That's up 9% from the year-ago quarter on an organic basis, which excludes the effects of currency, acquisitions and disposals.

North American revenue had fallen 13% on an organic basis in the fourth quarter.

Randstad said its North American information technology business turned in a "strong performance" during the first quarter. Revenue in its U.S. professional staffing business as a whole rose in March, but was flat for the full first quarter.

The Netherlands-based company categorizes its staffing businesses as professional, staffing and in-house (at a client location). It reported its U.S. staffing and in-house services posted growth of more than 20%.

First-quarter revenue for the company as a whole fell 1% to euro3.04 billion (US$4.09 billion) from euro3.06 billion in the first quarter of 2009.

"In March, revenue recovered strongly, with the industrial segments leading the change," CEO Ben Noteboom said in a press release. "Our U.S. and German businesses are well over last year's levels, while the Netherlands is still lagging."

Randstad's gross margin narrowed to 18.9% in the first quarter from 20.1% in the same period last year.

Randstad posted first-quarter net income of euro21.8 million (US$29.3 million), a turnaround from a net loss of euro52.6 million in the first quarter of 2009.

The company said it sold small businesses in the Netherlands and the Middle East, but the company raised its stake in Japan's Fujistaff to 20.5% from 16.6%.

Randstad Holding NV
For the first quarter ended March 31, 2010, compared with the same period in 2009.
Revenue: euro3.04 billion (US$4.09 billion), -1%
Net income: euro21.8 million (US$29.3 million) vs. net loss of euro52.6 million

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