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France – Groupe Crit acquires US recruiter Elite Personnel

12 September 2012

French staffing firm Groupe Crit (CRIT:PAR) has acquired US-based recruiter Elite Personnel, a move that will expand the company’s North America presence. The acquisition was made through PeopleLink Staffing Solution, which Groupe Crit bought in September 2011.

“The continued deployment of the North American market will remain a priority for the coming months,” said Groupe Crit. Based in New Jersey, Elite Personnel last year made revenues of more than US$ 10 million. The company specialises in the pharmaceutical and cosmetic sectors.

At the same time, the staffing company announced a small +2.3% increase of half-year revenue which reached €736.1 million. In the six months to June, profit before tax was down -10% to €17.8 million while net income, attributable to shareholders, dropped -22% to €5.2 million.

Goupe Crit, the 14th largest staffing provider in the world, has been hit by falling demand in the temporary recruitment business although net income in the period improved slightly (+0.8%) to €610.6 million. This was mainly driven by the US firm PeopleLink, which increased revenue by +16% to €51.6 million in the half year.

Overall, international business activity has been strong with revenue doubling in the first half of 2012. In France, the company was impacted by economic woes and revenue dropped to €517.3 million from €563.8 million a year ago.  

Looking ahead, the staffing firm is keen to increase its international operations, despite vulnerable economic conditions.

Groupe Crit specialises in service provision including temporary employment & recruitment services, airport services, and engineering and maintenance.

In early trading this morning, the company’s share price was flat at €12.80, down -11.1% from a year ago and +29.0% above the 52-week low of €9.92 seen in November 2011. The firm has a market value of €144 million.  

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