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France – Groupe Crit buoyed by international results

11 September 2013

French recruiter Groupe Crit (CRIT: PAR) announced revenue of €725.6 million during the first half of 2013, a -1.4% fall compared with revenue of €736.1 million for the same period last year. Groupe Crit, according to research by Staffing Industry Analysts, is one of the largest staffing firms in France.

Temporary and permanent recruitment sales for the six months to the end of June, were €599.6 million, a fall of -1.8% compared to a year ago. Operating profit for the period rose to €25.2 million from €17.2 million last year, an increase of +46.5%. Net profit for the period was €16.4 million, an increase of +144% from €6.7 million a year ago.

Sales in France during the first half of the year were €480.1 million, a drop of -7.2% against an average market drop of -11%, estimated by PRISME. A positive second quarter reflected improvements in the staffing industry in France. Following revenue decline of -10.4% during the first quarter of 2013, a decline of -4.3% during the second quarter was well received.

The company attributes their resilient performance to a +28.1%, year-on-year, increase in international business to €119.5 million. Sales in the United States increased by +50.1% to USD 100.8 million (€75.96 million).  

Looking forward, the company sees signs of improvement in France with significant improvement reported in recent months. The acquisition of an American recruitment firm in July, The Agency Staffing, added an additional seven offices to Groupe Crit in North America with expected sales of USD 40 million (€30.2 million) in 2013. The fifth North American acquisition for Groupe Crit in recent years, the company anticipates total revenue in the region to reach USD 250 million (€188.4 million) in 2014.

In trading today, the company’s share price fell -1.88% to €22.95, an increase of +81.68% compared with a year ago. Based on its share price, the company has a current market value of €268.3 million. 

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