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USG People net income rises 19.6%

April 29 2008

First-quarter net income at Netherlands-based staffing firm USG People rose 19.6% to euro29.3 million (US$46.3 million), compared with euro24.5 million in the same period last year.

First-quarter revenue rose 6.4% to euro963.9 million (US$1.52 billion) from euro906.2 million at the company which operates in Europe. Gross margin improved to 24.7% from 24.5%.

"Growth outpaced the market in the Netherlands and Belgium, our most important markets," CEO Ron Icke said. "In Germany, revenue doubled thanks to the takeover of Allgeier Zeitarbeit and GEKO Zeitarbeit, while our activities in Italy achieved strong organic growth of 14.5% in the wake of last year's restructuring exercise."

However, USG People said lower growth in the staffing market in Europe became visible in 2007 and European economic growth forecasts have been adjusted down in the past few months.

USG People
For the first quarter ended March 31, 2008, compared with the same period in 2007.
Revenue: euro963.9 million (US$1.52 billion), +6.4%
Net income: euro29.3 million (US$46.3 million), +19.6%


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