Groupe Crit SA (CEN:PAR), a Paris-based international staffing provider, reported weak global economic growth weighed on temporary work revenue in the first quarter. While French temp staffing revenue held steady, revenue from Groupe Crit’s US temp staffing operations fell.

First-quarter temp staffing revenue fell to €468.3 million, a decline of 1.0% on an organic basis when also adjusted for number of trading days.

Groupe Crit noted French temp staffing revenue remained stable at €339.5 million when measured on an adjusted basis (organic growth adjusted for number of trading days). The company got a boost from activity in the aeronautics and logistics industries, while the automotive and construction industries remained behind.

At its US operations, revenue fell 8.5% on an adjusted basis to €56.0 million. The company noted the US market continues to contract. Groupe Crit’s US operations include Peoplelink Group.

It was a different story in Spain, where temp staffing revenue rose 1.6% on an adjusted basis to €31.9 million. Groupe Crit noted the effects of legislative reform at the start of 2022 have now been integrated into the bases of comparison.

Groupe Crit also provides services at airports and in other areas. Revenue from these operations rose 12.6% year over year on an organic basis to €91.7 million when also adjusted for trading days.

Total revenue at Groupe Crit was up 1.4% on an adjusted basis to €584.5 million.

Groupe Crit also recently announced that final conditions have been met for its acquisition of Italian staffing firm Openjobmetis.

Share price

Shares in Groupe Crit closed at €75.00 in Paris on 24 April. They were 10.07% below their 52-week high.