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USG posts growth as Europe slows

July 24 2008

Second-quarter revenue at Netherlands-based staffing firm USG People rose 9% to euro1.04 billion (US$1.64 billion). The company, which operates in Europe, posted revenue of euro953.7 million in the same period last year.

"Our group achieved revenue growth of 9% during a period in which the prospects for economic growth in European countries deteriorated," said CEO Ron Icke. "A significant part of the growth was due to acquisitions in Germany, but organic growth was also achieved."

Outside the Netherlands, Belgium and Luxembourg, there are indications the European staffing market is slowing, Icke said. The market in Spain began declining in the second half of last year and a similar decline is now happening in France.

USG People's gross margin slipped to 24.7% from 25.0%. Second-quarter net income fell 19% to euro31.6 million (US$49.9 million) from euro39.2 million.

USG People
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: euro1.04 billion (US$1.64 billion), +9%
Net income: euro31.6 million (US$49.9 million), -19%

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