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USG People N.V. (USG.AEX), the staffing, secondment and HR services group, has today announced interim results for the first quarter of 2010, ended 31 March. Revenues were down by -9% from 755 million Euro in Q1 2009 to 684 million Euro in the same period of this year.
Gross profits were down by -15% from 178 million Euro in Q1 2009 to 151 million Euro in Q1 2010. EBITDA was down by -22% from 18 million Euro in Q1 2009 to 14 million Euro in Q1 2010.
In The Netherlands revenues were down by -20% from 362 million Euro in Q1 2009 to 288 million Euro in Q1 2010.
In Belgium and Luxembourg revenues were down by -7% from 162 million Euro in Q1 2009 to 150 million Euro in Q1 2010.
In France revenues were up by +11% from 91 million Euro in Q1 2009 to 101 million Euro in Q1 2010.
In Spain revenues were up by +2% from 44 million Euro in Q1 2009 to 45 million Euro in Q1 2010.
In Germany revenues were down by -4% from 53 million Euro in Q1 2009 to 51 million Euro in Q1 2010.
In Italy revenues were up by +12% from 26 million Euro in Q1 2009 to 29 million Euro in Q1 2010.
Herman van Campenhout, CEO of USG People, said "in the first months of the year we saw a continuation of the trend towards recovery and that is encouraging. In a few countries we once again achieved an increase in revenue compared to last year."
"The sustainability of the recovery which started cautiously in the previous quarters also certainly gives hope for the countries that generally recover later in the cycle, such as the Netherlands. Although we saw an initial slight improvement in the requests for temporary staff in the Netherlands over the past few weeks, it is still too soon to talk about a substantial recovery in the home market so important to us."
"We kept our operating expenses at a low level during the first quarter, after strongly reducing these during the course of last year. In addition, the merging of labels in the Netherlands, Spain and Germany announced earlier are going according to plan. In combination with our strengthened financial position due to the share issue we undertook in March, we are able to respond well to a recovery in our markets, both commercially and financially."
In early trading USG People's shares were unchanged at 13.95 Euro.