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Netherlands - ING believes Randstad is likely to carry out new reorganisations

23 November 2012

Dutch staffing group Randstad Holding (AMS:RAND) will likely carry out further reorganisation, according to a report covered by SeeNews. The ING analyst Marc Zwartsenburg believes this to be the case following the company's analyst event held on Wednesday.

The measures that the company have already announced may not be enough to offset the declining European market, according to the market observer.  CEO Ben Notebooom also said that the goal for 2013 cost cuts will be much bigger than current projections for EUR 70 million (USD 90.1m).

Zwartsenburg expects measures mainly in France. He referred to the fact that the new director for France did not attend the meeting. The management in France is too busy with the budgeting for 2013, according to the analyst.

Today, Randstad's shares traded at €24.02, 21.17% above the 52 week low of €19.82 set on 25th Nov, 2011 and 18.74% above a year ago. This values the company at €4.12 billion.

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