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France – Domestic market drags down DLSI revenue

04 March 2013

French staffing firm DLSI SA (ALDSL:PAR) wants to increase its operations across Europe to offset a market decline in France. This comes after the firm posted a -10% decline in 2012 full-year revenue.

Turnover in the period amounted to €184 million, a -9% decline at constant currency. The recruiter blamed this on “very difficult” market conditions, especially in France.

The French temporary staffing market contracted by -12% last year, according to figures by the federation of private employment agencies (PRISME). Staffing Industry Analysts does not expect the French staffing market to return to growth this year.

While many staffing firms have struggled with flagging client demand in France, elsewhere business prospects looked brighter. DLSI grew revenue from international markets by +4% in 2012 when compared to the previous year.

Looking ahead, the company said: “Given the economic environment and opportunities that are open to us internationally, we will grow our business in the European market in 2013 to overcome a lack of dynamism in the French market.”

Despite “persistently difficult” trading conditions, the French recruiter projects to increase revenue this year by +7%.  

In early trading, the company’s share price was flat at €3.65, down -23% from a year ago. Based on its stock price, DLSI has a market value of €9.28 million.

DLSI, ranked among the 20 largest staffing companies in France and has a network of branches throughout France, Luxembourg, Poland, Switzerland and Germany. The firm provides temporary employees in sectors including insurance, banking, finance and real estate.

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