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Europe — Kelly Services revenues up by +8%

13 May 2010

Kelly Services Inc. (KELYA:NSQ), the US-quoted workforce solution provider, has announced interim results for the first quarter of 2010.

 
Revenues were up by +8% to $1.1 billion. On a constant currency basis revenues increased by +4%.

Losses from operations for the first quarter of 2010 totalled $1.6 million compared to losses from operations of $30.6 million reported for the first quarter of 2009.

In France, revenues were up by +9.1% from $61.7 million in Q1 2010 compared to $67.8 million in Q1 2009. In constant currency revenues were up by +3.4%.

In the UK, revenues were down by -39.8% from $62.6 million in Q1 2010 compared to $37.6 million in Q1 2009. In constant currency revenues were down by -44.5%.

In Switzerland, revenues were up by +10% from $28.5 million in Q1 2010 compared to $31.4 million in Q1 2009. In constant currency revenues were up by +1.7%.
 
In Portugal, revenues were up by +57.6% from $11.7 million in Q1 2010 compared to $18.4 million in Q1 2009. In constant currency revenues were up by +49.5%.
 
In Italy, revenues were down by -11.7% from $18.9 million in Q1 2010 compared to $16.7 million in Q1 2009. In constant currency revenues were down by -16.2%.
 
In Germany, revenues were up by +5.6% from $15.4 million in Q1 2010 compared to $16.3 million in Q1 2009. In constant currency revenues were up by +0.2%.
 
In Norway, revenues were up by +6.3% from $13.1 million in Q1 2010 compared to $13.9 million in Q1 2009. In constant currency revenues were down by -9.4%.
 
Carl T. Camden, Kelly Services President and CEO, Commented "after many months, we were pleased to see the economy pick up and note positive trends in our business. Combined with our ongoing focus on cost control, those factors helped us return to profitability in what has typically been a weak quarter for our industry."

That said, Camden expects 2010 will continue to be a challenging year for Kelly, but also a year of opportunities. "It's important that we keep a careful eye on managing costs to gain the greatest leverage as this recovery strengthens. At the same time, as the workforce solutions market expands, Kelly is redefining itself in the marketplace. And our new strategic alliance with Temp Holdings enhances our ability to execute our long-term strategy, and grow our business in two critical staffing markets."

Camden said while the Company will look to maximize profits across all operations, it will concentrate on accelerating growth of higher-margin Professional & Technical disciplines, as well as outsourcing and consulting services. "Our customers' needs are changing, and Kelly is responding with a broad array of flexible, customized workforce solutions."

At the end of play in New York yesterday Kelly Services' shares were up by +3.85% to $17.00.

 

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