Dutch staffing firm USG People (USG: NL) reported revenue growth of +3% during October and November, compared with the same two-month period last year. This follows year-on-year growth of +2% in the month of September.

Revenue in the Netherlands during Oct-Nov 2014 increased by +3%, compared with last year, while revenue in Belgium rose by +8%, year-on-year. Revenue decreased in France by -3% and was down by -1% in Germany.

USG People also announced that it had further defined its online strategy with the acquisition of 51% of the shares in Connecting-Expertise, a Belgian provider of advanced Vendor Management System (VMS) solutions. Financial details of the acquisition were not released.

 “Connecting-Expertise gives USG People the opportunity to expand and further develop its services in the field of more comprehensive online business solutions. The Solvus business solutions concept was launched earlier this year and it is already operating very successfully in the Belgian market. The Solvus concept is mainly focused on Managed Service Providers (MSPs), Recruitment Process Outsourcing (RPO), career transition and performance & development management in close cooperation with the star brands. The shareholding in Connecting-Expertise means that Solvus can now make integrated offers independently with regard to MSP processes that are more competitive than solutions provided in cooperation with external VMS providers.” 

“The Software-as-a-Service (SaaS) platform can be implemented internationally and will continue to operate independently, while facilitating the USG People star brands. In the past few years USG People has worked together successfully with Connecting-Expertise in Belgium, resulting in several large deals; such as the contract with the government of Flanders which won a Supply Chain Award last week for its innovative approach to making the hiring process of the Flemish government – for which Connecting-Expertise created the online marketplace – lean and flexible.”

Connecting-Expertise marks the company’s third purchase in recent months; following the acquisition of 51% of Netwerven in October, a Dutch company that helps building and deploy recruitment strategies and optimise recruitment practices; and 20% of Blue Carpet in November, a Dutch company that helps employers develop intelligent HR communities for recruitment and selection.

In addition to the results and acquisitions announcements, USG People also advised that it is making changes to its debt target and dividend policy: “In recent years net debt has come down to a level within our strategic target, i.e. a total leverage ratio of no more than 2.0 (net debt / EBITDA). Now that this milestone has been reached USG People aims to continue to reduce its net debt in order to further strengthen its balance sheet. The strategic target for the total leverage ratio has now been brought back to 1.0 (net debt / EBITDA).”

“This stricter target for net debt coincides with a change in the dividend policy. This policy currently stipulates a dividend distribution of one-third of net profit before amortisation of acquisition-related intangible fixed assets after allocation to the legal reserves. In the past it was decided on an annual basis whether the dividend would be distributed in cash or in a choice of either cash or ordinary shares. As from 2014 the dividend proposal will only be made in cash.”

In trading today, the company’s share price increased by +1% to €8.69, an increase of +0.3% compared with a year ago. Based on its current share price, the company has a market value of €716.3 million.