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France – Group Crit revenues slip but international sales jump

07 February 2013

French recruiter Groupe Crit (CRIT:PAR) reported temporary staffing revenues of €1.24 billion for the 2012 financial year, a -3% fall from a year ago. But international sales, supported by acquisitions, beefed up by +59% to €199.1 million.

Looking ahead, the Group said it remained confident of its French operations and now plans further acquisitions abroad.

However, it warned of weak demand due to a “challenging environment” in Europe. This weighed on business performance during the fourth quarter when total revenues slipped -7% to €365.8 million from €391.6 million a year earlier. International revenues in the three months to December grew +12% to €63.6 million.

The staffing company said that North America sales helped boost revenue growth last year, following several acquisitions it made in the US. In the fourth quarter, Groupe Crit bought two US-based staffing firms, IT recruiter Visiont and Texas-based Trade Management Inc.

In France, staffing companies have seen a general decline in demand with multinationals such as ManpowerGroup and Adecco also reported tough trading. Groupe Crit saw 2012 revenues fall -10% to €1.04 billion while fourth-quarter revenue in the country was down -11% to €250 million.

In early trading, the company’s share price was up +2.6% to €16.01, a +3.9% rise from a year ago. The firm has a market value of €175.61 million. 

Groupe Crit is among the top five staffing firms in France and among the largest in the European staffing market, according to Staffing Industry Analysts’ research. It specialises in service provision split into three divisions: temporary employment & recruitment services; airport services; and engineering and maintenance.

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