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Vedior reports profit up 5%

April 25 2008

Vedior NV posted a 5% increase in first-quarter profit with growth in international markets.

Netherlands-based Vedior, the world's fourth-largest staffing firm, posted a profit of euro46.9 million (US$74.1 million) in the first quarter, up from euro44.7 million in the same period last year.

First-quarter revenue rose 5%, as well, to euro2.04 billion (US$3.22 billion) from euro1.94 billion in the first quarter of 2007.

Gross margin improved to 19.5% from 19.3%.

In the U.S., revenue rose 8% to euro176.5 million (US$278.9 million) from euro163.2 million. However, revenue increased only 1% excluding acquisitions, disposals, and the effects of currency. The information technology and healthcare sectors helped fuel results, the company said. Vedior acquired two U.S. IT firms in 2007, Think Resources Inc. and B2B Workforce Inc.

Vedior shareholders today also approved the takeover by Randstad Holding NV, DutchNews.nl reported. The deal will make the merged entity the world's second-largest staffing firm. Vedior CEO Tex Gunning said work on the Randstad deal is progressing.

Vedior NV
For the first quarter ended March 31, 2008, compared with the same period in 2007.
Revenue: euro2.04 billion (US$3.22 billion), +5%
Net income: euro46.9 million (US$74.1 million), +5%

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