Randstad Holding NV, one of the world's largest staffing firms, reported second-quarter revenue fell 32.7% year-over-year to euro2.99 billion (US$4.20 billion) on a pro forma basis. CEO Ben Noteboom cited stabilization in the Netherlands-based company's U.S. and main European markets but said it's too early to say a recovery has begun.

Randstad's second-quarter North American revenue fell 25.0% year-over-year to euro352.4 million (US$495.1 million) on a pro forma basis.

Second-quarter gross margin at the company slipped to 20.0% from 21.0% in the year-ago quarter.

Randstad's pro forma reporting includes treating its acquisition of Vedior NV in May 2008 as if the companies had been combined throughout all of 2008. Randstad ranked as the world's third-largest staffing firm prior to the acquisition of Vedior, which had ranked as the fourth-largest staffing firm.

Net income, which is not reported on a pro forma basis, fell 87.9% in the second quarter to euro11.6 million (US$16.3 million).

Randstad said it closed 340 offices in the second quarter, leaving it with 4,332. It is also pulled out of seven countries, leaving it active in 46. In addition, Randstad announced it sold in June its 70% stake in Consulteam, a business active in Bulgaria, Croatia, Montenegro, Serbia and Romania. It also sold some of its Dutch payroll operations in June, which had revenue of euro28.0 million (US$39.3 million) in 2008.

Randstad Holding NV
For the second quarter ended June 30, 2009, compared with the same period in 2008. The revenue number is on a pro forma basis as if Randstad and Vedior had been combined throughout both periods.
Revenue: euro2.99 billion (US$4.20 billion), -32.7%
Net income: euro11.6 million (US$16.3 million), -87.9%