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Recruitment firm Start People, a subsidiary of USG People, have announced that they will reduce headcount at their headquarters in Almere by at least 50 people, reports De Telegraaf. The majority of the job losses will be in the company’s support and sales staff following disappointing financial results.
Since the outbreak of the global financial crisis in 2008, Start People has reported drastically fallen revenue and sales. This is the second time in 18 months that the company has announced job losses.
Financial results for USG People do not provide segmental breakdown for Start People. However, in the company’s most recent financial results, revenue for USG People fell by -3%. USG People has also recently announced a reduction in the number of company board members and the departure of high level staff.
Despite the ongoing challenges for the company, USG People’s share price has continued to rise. At the end of August the company’s share price was €5.50, today it stands at €9.33, an increase of +69.6%.