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Randstad posts 3% decline in revenue

November 06 2008

Third-quarter revenue fell 3% at Netherlands-based Randstad Holding NV to euro4.47 billion (US$6.46 billion) amid a tough economic environment. Excluding the effects of currencies, acquisitions and disposals, revenue fell 2%.

"The recent deepening of the financial crisis has a significant influence on business and consumer confidence, which is clearly visible in our end markets," according to Randstad. "Where growth reduction has been gradual over the past quarters, we now observe more pronounced contraction in many geographies."

The revenue figures include the third quarter 2007 results of Vedior NV on a pro forma basis, as if the two firms had been a combined company during that quarter. Randstad, the world's third largest staffing firm, acquired Vedior, the world's second-largest, on May 16.

North American third-quarter revenue fell 11% to euro462.6 million (US$668.4 million) on a pro forma basis, the company reported. It decreased 8% excluding the effects of currencies, acquisitions and disposals.

Gross margin narrowed to 20.4% from 20.5%.

Net income, which is not on a pro forma basis, fell 20% to euro78.5 million (US$113.4 million).

Randstad Holding NV
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007. Revenue is pro forma based on its acquisition of Vedior NV. Net income is presented on an actual basis.
Revenue: euro4.47 billion (US$6.46 billion), -3%
Net income: euro78.5 million (US$113.4 million), -20%

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