Randstad (RAND: NV), today reported revenue for the third quarter ending 30 September 2016 of €5.3 billion, an increase of 4% on an organic basis compared with €4.9 billion a year ago.

The financial results for the third quarter was broken down as follows:

In Q3 2016, gross profit amounted to € 1 billion. Organic growth was 3.3% (Q2 2016: 2.4%), impacted by negative currency effects of € 6 million compared to Q3 2015. Underlying EBITA increased organically by 5.1% to €271 million, impacted by negative currency effects of € 1 million YoY.

"In Q3, growth trends were resilient across all regions, which appears to be continuing into October," Randstad CEO Jacques van den Broek, said. "I am happy with the solid performance across our countries, while this year we welcomed more than 1,300 new colleagues in Scandinavia, Italy, Japan and Germany. We look forward to harnessing the full potential of our corporate development. I wish my colleagues all the success in this process"

In North America, perm fees were flat. The company’s combined US businesses were flat, with US Staffing/Inhouse growing by 2%. US Professionals was down 3%. In Canada, revenue increased 5%, well ahead of the market.

In the Netherlands, overall perm fee growth improved to 26%. The group’s Staffing and Inhouse businesses grew 3% and its Professionals business declined 4%.

In France, Staffing and Inhouse revenue increased 4% and Professionals business was up 11%, driven by healthcare. Perm fees improved, up 31% compared to last year.

In Germany, combined Staffing and Inhouse business was up 4%, while Professionals increased by 8%.

In Belgium & Luxembourg, Staffing/Inhouse business increased 5%, while the Professionals business was up 11%.

In Iberia, revenue grew by 6%. Spain was up 6% with Staffing/Inhouse combined growing 6%, while Professionals increased 1%. In Portugal, revenue increased by 7%.

Meanwhile, in the UK overall Perm declined 4% year-on-year.

Across 'Other European countries', revenue per working day grew by 10%. This was supported by growth in Italy, which was up 15%. In Poland, revenue grew 9%. Revenue in the group’s Swiss business was up 12%. In the Nordics, revenue declined by 11%, but on a pro-forma basis (including Proffice) it was down 4%.

Furthermore, overall revenue in the 'Rest of the world' region showed stable growth, up 8% organically. In Japan, revenue grew by 5%, in line with the previous quarter. Revenue in Australia/New Zealand grew by 8%, and China was up 3%. Randstad’s business in India was flat while Latin America grew by 22%, driven by Argentina and Brazil (Olympics).

Randstad operates three primary business segment: Staffing, Professionals, and Inhouse Services, with a breakdown of revenue in Q3 as follows:

Looking forward the company states that revenue in September grew by 4.0%. Volumes in October so far indicate a continuation of the trend. Gross margin in Q4 is expected to be at least stable sequentially. For Q4, the company expects a minor sequential increase in operating expenses (on an organic basis). There will be 1.1 fewer working days in Q4 compared to last year.

On 20 June 2016, Randstad announced its intention to make a friendly cash tender offer for Ausy (listed on the regulated market of Euronext in Paris).).

On 9 August 2016, Randstad announced its intention to make a recommended cash tender offer for Monster Worldwide (listed on the NYSE in the USA).  Monster Worldwide released its Q3 reporting revenue fell 13% to USD 144.8 million. MediaNews, a shareholder of Monster, has opposed the deal. The tender offer period will expire on 28 October 2016, at 12.00h midnight New York City time, unless further extended.

In trading today Randstad traded at €47.21,up 3.68% on the day and 20.83% below its 52-week high of €59.62, set on 3 Dec 2015. Based on its current share price the company has a market value of €8.36 billion.