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USG People post 5% increase in 3Q08

October 28 2008

Amsterdam-based USG People reported revenue of euro1,069 million in the quarter ended Sept. 30, up 5% compared to the same period of last year mainly due to a German acquisition earlier this year. On an organic basis, results were down 1%.

The company reported deteriorating conditions for staffing in countries such as Spain, France, Belgium and the Netherlands. The company saw revenue in the Netherlands decline 1%,  while Belgium achieved growth of 7%. This meant that both countries outperformed the market and gained market share. Revenue was down 5% in France and 13% in Spain in the third quarter.  

The general staffing segment grew by 7% compared to the third quarter of 2007. This growth was positively impacted by the acquisition in Germany earlier this year and by a half working day more than the third quarter last year. Organic revenue declined by 2%.

Third quarter gross margin was 24.1%, unchanged compared to the same quarter last year. Net income amounted to euro33 million, down 17.5% from euro 40 million in the third quarter of 2007. Net income was adversely impacted by higher financial expenses resulting from the non-cash valuation of derivatives for accounting purposes, and by higher amortization.

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