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18 February 2010
Randstad Holding nv (RAND:AEX), the world's second largest staffing group, today publishes fourth quarter results for the year ended 31 December 2009.
Revenues were down by -20% from 3.96 billion Euro from Q4 2008 to 3.18 billion Euro in Q4 2009.
The underlying EBITA was down by -40% from 177.9 million Euro in Q4 2008 to 106.1 million Euro in Q4 2009.
In The Netherlands Q4 2009 revenues decreased organically by -21% compared to Q4 2008. The EBITA margin reached 7.2% compared to 9.4% in Q4 2008.
In France Q4 2009 revenues decreased organically by -19% compared to Q4 2008. The EBITA margin reached 0.1% compared to 4.4% in Q4 2008.
In Germany Q4 2009 revenues decreased organically by -18% compared to Q4 2008. The EBITA margin reached 7.1% compared to 4.7% in Q4 2008.
In the UK Q4 2009 revenues decreased organically by -19% compared to Q4 2008. The EBITA margin reached 0.8% compared to 2.5% in Q4 2008.
In Belgium and Luxembourg Q4 2009 revenues decreased organically by -16% compared to Q4 2008. The EBITA margin reached 5.1% compared to 5.8% in Q4 2008.
In Spain and Portugal Q4 2009 revenues decreased organically by -9% compared to Q4 2008. The EBITA margin reached 4.1% compared to 2.8% in Q4 2008.
In Italy the revenue decline eased but Randstad was still behind market. The EBITA margin reached 3.0%, compared to -1.3% in Q3 2009 (Q4 2008 1.0%).
Performance across the other European countries varied. After a difficult first half of the year, the Polish business recovered strongly, showing double digit growth in Q4.
The Swedish and Norwegian businesses showed good growth, while revenue in Denmark equalled the level of last year, but was up 10% in December. Growth was maintained in markets such as Turkey, Hungary and Greece.
Randstad CEO, Ben Noteboom, said "our markets have stabilised and classical recovery patterns are visible. If recovery continues we should do very well. Clients worldwide realise that they need efficiency in the way they employ people, more than ever before. Our company emerges from the downturn with much improved debt levels and well adjusted cost levels."
"We can offer an unparalleled range of services to our clients as the expertise of our people is very much still in place. We have ample capacity to benefit from renewed growth in all major global markets. Whether it is in staffing, in managed services or in the placement of professionals, we have an excellent position from which to start building again, and our new Randstad group is ready for the future."
The company says further "the trends as witnessed in Q4 2009 have so far continued into 2010. In January, revenue per working day declined by 5% organically, and the improving trends continued into the first 2 weeks of February. Our combined staffing and inhouse businesses are continuing to show growth in important regions such as for instance the US, Germany and the UK".
"The rates of decline in our global professionals and in our combined Dutch businesses, which traditionally move somewhat later in the cycle, recover more slowly".
"Gross margin is still under pressure. In view of current market developments and in order to be well prepared for future growth, we aim to maintain our current network where possible. Our cost base should therefore be rather stable going forward. Recovery remains fragile but it is encouraging that the recovery patterns are rather classical. We face the coming quarters with increased confidence."
To read the full press release please click here
In early trading Randstad's shares were down by -1.27% to 32.58 Euro