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USG People N.V. (USG.AEX), the staffing, secondment and HR services group, have today announced their interim results for the third quarter of 2009. Revenues were down by -27% from 1.07 billion Euro in Q3 2008 to 779 million Euro in the same period of this year.
Gross profits were down by -34% from 258 million Euro in Q3 2008 to 171 million Euro in Q3 2009. EBITDA was down by -59% from 76 million Euro in Q3 2008 to 31 million Euro in Q3 2009.
In The Netherlands revenues were down by -26% from 441.9 million Euro in Q3 2008 to 326.3 million Euro in Q3 2009. In Belgium and Luxembourg revenues were down by -22% from 219.8 million Euro in Q3 2008 to 172 million Euro in Q3 2009.
In France revenues were down by -18% from 149 million Euro in Q3 2008 to 121.9 million Euro in Q3 2009. In Spain and Portugal revenues were down by -43% from 94.6 million Euro in Q3 2008 to 53.7 million Euro in Q3 2009.
In Germany revenues were down by -40% from 93.2 million Euro in Q3 2008 to 56 million Euro in Q3 2009. Italian revenues were down by -32% from 37.2 million Euro in Q3 2008 to 25.3 million Euro in Q3 2009.
In the Czech Republic and Slovakia USG People's operations were sold via a management buy-out with a buy-back option on terms agreed in advance.
Rob Zandbergen, CFO and Interim CEO of USG People said, "in a few regions, especially in the early cyclical industries it is increasingly looking as if the low point of the cycle was passed in the first six months of 2009. However, there are also segments that do not recover until later in the cycle."
"Re-organisations have allowed us to adequately reduce the level of our costsâ€¦In the last quarter an additional 60 million Euro in trade receivables will be sold, which will once again reduce our debt positionâ€¦.By merging a number of brands we will reinforce our market positions and increase the international recognition of the integrated brandsâ€¦The number of brands will be reduced."
The brand portfolio of USG People comprises Proflex and Start People (General staffing) - Ad Rem Young Professionals, ASA Student, Content, Creyf's, Express Medical, Geko Zeitarbeit, Receptel, Secretary Plus, StarJob, Technicum and Unique (Specialist staffing) - Legal Forces, USG Capacity, USG Energy, USG Financial Forces, USG HR Forces, USG Innotiv, USG Juristen and USG Restart (Professionals) - Call-IT (Other services).
In early trading USG People's shares were down by 4.43% to 11.66 Euro.