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French recruiter Groupe Crit (CRIT:PAR) said the challenging environment in Europe continued to weigh on activity during the first quarter. The firm reported its financial results after the market closed on Wednesday, saying that Q1 revenue fell -4.5% to €334.5 million. On a constant basis, the decline was -6.9%.
In France, revenue for the first quarter amounted to €219.3 million, down -10.4% from a year ago but in line with general market developments in the period.
But revenue derived from international operations was up a strong +23% to €65.4 million. The temporary staffing and recruitment division saw revenue in the first quarter fall by nearly -5% to €275.5 million. But the firm saw particular strong demand in its North American market with the US posting revenue of €36.4 million, an increase of +16% on a constant basis. The firm said it plans to increase international operations in the near future. Last year, Groupe Crit bought two US-based staffing firms, IT recruiter Visiont and Texas-based Trade Management Inc.
In early trading, the company’s share price was up by nearly +1% at €14.79, an increase of +1% from a year ago. Based on its stock price, the firm has a market value of €164.81 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.