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France — Groupe CRIT concentrating on what they are good at

23 September 2009

In an interview with specialist financial publication Boursier, Claude Guedj, Chairman and CEO of professional staffing group CRIT lays out his plans for the immediate future.

"There is stabilisation in the temporary employment market but we will have to wait until Spring 2010 in order to see growth. We have reduced our cost base significantly and we had to get rid of some staff who no longer believed in temporary employment. I think if they don't believe in temporary employment anymore they should get a different job."

"(Temporary employment in) engineering is suffering but we have obtained a contract from Paris Airports (ADP), to maintain all the gangways at Roissy Airport and we are beginning to get other maintenance contracts because nobody else seems to want to do maintenance anymore."

"Pole Emploi (the government's office for labour) has given us a contract to find jobs for between 20,000 and 50,000 job seekers who are officially registered as unemployed. This will enable us to balance out our difference in activity across the regions. The 'Pole Emploi' contract should be worth 50 million Euro in revenues for us."

"We should be able to obtain an improved operating margin in the second part of 2009 but considering the current economic difficulties, my concern is more about not losing money."

"We have the financial means to make acquisitions but there is nothing worth acquiring. Some acquisition targets are too small and we don't want them. We are also looking at larger staffing agencies, for example, in the IT sector but in the current economic climate I prefer to focus on what we are good at rather than venture into the unknown."

"Acquisitions will depend on opportunities. We are not just going to throw ourselves at anything."



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