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France — Crit revenues down by 29%

15 September 2009

Groupe Crit (CRIT:PAR), the Paris quoted staffing group, today announces interim results for the first six months of 2009.

Revenues were down by 29.2% from 745.7 million Euro in the first six months of 2008 to 528 million Euro in the same period of 2009. Operating profits were down from 25.4 million Euro in 2008 to 4.4 million Euro in 2009. Net profits were down from 19.8 million Euro in 2008 to 1.9 million Euro in 2009.


Temporary staffing and recruitment revenues were down by 32.3% from 651.6 million Euro to 440.7 million Euro in 2009. Temporary staffing and recruitment revenues generated in France were down in line with the market by 32.8% to 404.3 million Euro.

Temporary staffing and recruitment revenues generated outside France were down to 36.4 million Euro.

In multi-services revenues were down less markedly by 8.3% to 89.6 million Euro due to Crit's strong position in the airport business.

Crit has quickly reacted to the change market conditions in the economic crisis by reducing the cost base for head-office and network branches and by registering staff for the reduced working hour scheme (chomage partiel).

On future outlook Groupe Crit says in a statement, "temporary employment and recruitment should benefit from the 10 million Euro savings we have made for the remainder of the financial year. We have also been awarded a bracket of 20,000 to 50,000 job searches for registered unemployed jobseekers by 'Pole Emploi' (the French government employment office)."

"We should equally be able to generate an additional 50 million Euro by having been awarded assistance services provision by the 'Direction Generale de l'Aviation Civile' for the airports of Roissy CDG1, Roissy CDG2, Orly South and Orly West. All these elements allow us to face the coming months with confidence."

In early trading Crit shares were up by 5.10% to 15.87 Euro.

 

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