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Randstad revenue up 2% with Vedior buy

August 27 2008

Second-quarter revenue at Randstad Holding NV rose 2% to euro4.48 billion (US$7.07 billion) on a pro forma basis taking into account the closing of the Vedior NV acquisition in May.

The firms were previously the third- and fourth-largest staffing firms in the world. The combined firm ranks as the world's second-largest in revenue.

Second-quarter North American revenue fell 8% to euro469.7 million (US$742.1 million) on a pro forma basis with Vedior. It dipped 3% on an organic basis, which excludes the impact of currency effects, acquisitions and disposals.

The company said demand for staffing in North America remained low, while its in-house services segment suffered from client losses earlier in the year and lower revenue per client. However, Randstad said the in-house segment has since added new clients. In addition, the company said North American professional staffing had a strong performance in the healthcare, information technology and engineering segments.

Randstad's companywide gross margin rose to 20.9% from 20.6%.

The company reported second-quarter net income on an actual basis, not pro forma, of euro96.2 million (US$152.0 million). That's down 1% from euro97.1 million in the second quarter of last year.

"During Q2 2008 growth has slowed in most of our European markets and this trend has on average continued into July," the company reported. "The North American market remains challenging. In the rest of the world, we see continued growth on average."

Randstad Holding NV
For the second quarter ended June 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: euro4.48 billion (US$7.07 billion), +2%
Net income: euro96.2 million (US$152.0 million), -1%


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