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World - Robert Half's profits soar due to improved staffing market

April 22 2011

Revenues were up $737.2 million in Q1 2010 to $880.9 million in Q1 2011 at Robert Half International Inc. (RHI:NYQ), the US-quoted specialist staffing and risk consulting services group.

Interim results for the three months ended 31 March 2011 reveal that gross profit was up from $268.1 million in Q1 2010 to $338.1 million in Q1 2011.
Net income was up from $8.5 million in Q1 2010 to $26.7 million in Q1 2011.

Revenues at Accountemps were up from $289.1 million in Q1 2010 to $330.3 million in Q1 2011.

Revenues at OfficeTeam were up from $141.4 million in Q1 2010 to $176.3 million in Q1 2011.

Revenues at Robert Half Technology were up from $75.2 million in Q1 2010 to $96.6 million in Q1 2011.

Revenues at Robert Half Management Resources were up from $92.9 million in Q1 2010 to $111.5 million in Q1 2011.

Revenues at Robert Half Finance & Accounting were up from $48.6 million in Q1 2010 to $67.6 million in Q1 2011.

Revenues at Protiviti were up from $89.8 million in Q1 2010 to $98.6 million in Q1 2011.

Operating income generated from temporary and consulting staffing was up from $16.9 million in Q1 2010 to $38.1 million in Q1 2011.

Operating income generated from permanent placement staffing was up from $3.1 million in Q1 2010 to $7.9 million in Q1 2011.

Operating income generated from risk consulting and internal audit services was up from a loss of -$7.6 million in Q1 2010 to a reduced loss of -$1.5 million in Q1 2011.

Harold M. Messmer, Jr., chairman and CEO of Robert Half International, said "during the first quarter, we continued to see positive business trends. Companywide revenues grew +19% from the first quarter of last year, and income per share was up +248% from one year ago."

"We saw strong demand for our professional staffing services, particularly in our Robert Half Technology and Robert Half Finance & Accounting divisions. We also saw an improving pricing environment indicative of further strengthening in our underlying labour markets." 

Robert Half has operations throughout Europe but does not detail results by country or geographic region.

At the end of play in New York yesterday Robert Half's shares were up by +1.42% to $30.65.

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