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World – Robert Half reports Q1 growth

24 April 2014

US-based recruitment firm Robert Half (RHI: NYSE) reported revenue of USD 1.08 billion for the first quarter ending 31 March 2014, a rise of +6% compared with USD 1.02 billion for the same period last year.

The company achieved gross profit of USD 438.5 million, a rise of +7% from USD 410.3 million a year ago. Net income for the period rose to USD 61.6 million, up by +10% from USD 55.9 million in Q1 2013.

Harold M. Messmer Jr., Chairman and CEO of Robert Half, commented: “We were pleased with the company’s operating results for the first quarter. We saw strong demand in all areas of the business, especially in the latter part of the quarter. Growth was strongest in our Protiviti, technology staffing, and permanent placement divisions. Non-US operations also improved, particularly permanent placement services, which reported solid sequential and year-over-year revenue gains during the quarter.”

“This was Robert Half’s 16th consecutive quarter of double-digit net income growth on a year-over-year basis,” he added.

M. Keith Waddell, Vice Chairman, President, and CFO of Robert Half, added: “US staffing revenues were USD 720 million in the first quarter. International staffing revenues were USD 230 million in the first quarter. We have 342 staffing locations worldwide, including 99 locations in 18 countries outside the United States.”

During the first quarter, revenue from Robert Half’s permanent placement operations was 9.7% of total staffing revenue, compared with 9.2% for the same period last year.

The company’s largest business segment, accounting for 35% of total company revenue during the first quarter, was Accountemps. This segment reported revenue for the first quarter of USD 383 million, a rise of +2% from USD 376.6 million last year.

The company’s second largest business segment, OfficeTeam, reported revenue growth of +5%, rising from USD 201.6 million in Q1 2013 to USD 211.1 million in Q1 2014.

Protiviti, the company’s specialist business consulting and internal audit segment, reported revenue of USD 134.1 million, a rise of +15% from USD 116.9 million a year ago. Global revenues for Protiviti in the US were up +19% and remained flat, year-on-year, outside the US. 

In trading yesterday, the company’s share price rose by +1.1% to USD 43.44, a rise of +33.3% compared with a year ago. Based on its current share price, the company has a market value of USD 5.97 billion.