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Randstad revenue rises 9%

February 14 2008

Fourth-quarter worldwide revenue rose 9% at Randstad Holding NV to euro2.43 billion (US$3.58 billion), the company announced today.

Randstad posted revenue of euro2.23 billion in the fourth quarter of 2006. Gross margin rose to 22.4% in the most recent quarter from 21.7% in the same period last year.

Net income at the Netherlands-based staffing company, however, fell 12% to euro118.5 million (US$174.5 million) in the fourth quarter from euro134.5 million in the fourth quarter of 2006. Net income would have risen 6% excluding a one-time tax gain of euro22.7 million in the fourth quarter of 2006, according to the company.

North American fourth-quarter revenue fell 10% to euro282.2 million (US$415.6 million) from euro313.5 million in the same period in 2006. The company said revenue rose 1% on an organic basis, which excludes the effects of currency conversions, acquisitions, disposals, and transfers between segments. Randstad said it closed 20 branches in North America and the default of a client in the United States took a $1.2 million hit on EBITA.

For full-year 2007, revenue rose 12% to euro9.20 billion (US$13.55 billion) while gross margin increased to 22.1% from 21.1%.

2007 net income increased 7% to euro384.9 million (US$566.9 million) from euro360.3 million.

In a separate announcement today, Randstad reported that it's making progress with its planned acquisition of fellow Dutch staffing firm Vedior NV. The combined companies would make the world's second-largest staffing company. Randstad said it plans to file documents for the merger with the European Commission and the Authority Financial Markets in the Netherlands by the end of next week.

Randstad Holding NV
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: euro2.43 billion (US$3.58 billion), +9%
Net income: euro118.5 million (US$174.5 million), -12%

For full-year 2007 ended Dec. 31, 2007, compared with the previous year.
Revenue: euro9.20 billion (US$13.55 billion), +12%
Net income: euro384.9 million (US$566.9 million), +7%

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