Daily News

View All News

World - Kelly Services' PBT up +80%

10 November 2011

Revenues were up by +9.7% from $1.28 billion in Q3 2010 to $1.41 billion in Q3 2011 at staffing agency group Kelly Services Inc. (KELYA:NSQ). Interim results for the 13 weeks ended 2 October 2011 reveal that gross profit was up by +10.4% from $207.2 million in Q3 2010 to $228.6 million in Q3 2011.

Operating profit was up by +54.7% from $14.3 million in Q3 2010 to $22.1 million in Q3 2011.

Profit before tax (PBT) was up by +80.2% from $12.8 million in Q3 2010 to $23.1 million in Q3 2011.

Revenues generated in the Americas were up by +6.7% (up by +6.2% in constant currency) from $914.9 million in Q3 2010 to $976.2 million in Q3 2011.

Operating profit in the commercial sector was down by -5.9% from $23.2 million in Q3 2010 to $21.8 million in Q3 2011. Operating profit in PT was down by -12.6% from $13.7 million in Q3 2010 to $12 million in Q3 2011.

Revenues generated in EMEA were up by +16.6% (up by +4.9% in constant currency) from $269.8 million in Q3 2010 to $314.6 million in Q3 2011. Within the EMEA region revenues and reported and constant currency (CC) growth rates break down as follows:

France up by +7.5% (CC -1.4%) from $71.3 million in Q3 2010 to $76.6 million in Q3 2011.

Switzerland up by +42.4% (CC +13.9%) from $47.9 million in Q3 2010 to $68.3 million in Q3 2011.

Russia up by +36.4% (CC +30.4%) from $26.8 million in Q3 2010 to $36.4 million in Q3 2011.

UK down by -8.3% (CC -11.5%) from $33.8 million in Q3 2010 to $30.9 million in Q3 2011.

Portugal up by +6.9% (CC -1.9%) from $21.3 million in Q3 2010 to $22.8 million in Q3 2011.

Germany up by +18.3% (CC +8.5%) from $18.1 million in Q3 2010 to $21.4 million in Q3 2011.

Norway up by +21.2% (CC +8.5%) from $15.1 million in Q3 2010 to $18.3 million in Q3 2011.

Italy up by +23.2% (CC +13.4%) from $14.7 million in Q3 2010 to $18.2 million in Q3 2011.

Other EMEA countries up by +4.5% (CC -4.5%) from $20.8 million in Q3 2010 to $21.7 million in Q3 2011.

In the EMEA region, operating profit in the commercial sector was up by +36.7% from $4.8 million in Q3 2010 to $6.5 million in Q3 2011. Operating profit in professional and technical staffing was up by +312.1% from $0.3 million in Q3 2010 to $1.6 million in Q3 2011.

Revenues generated in Asia Pacific were up by +18.9% (up by +8.5% in constant currency) from $100 million in Q3 2010 to $119 million in Q3 2011.

In the Asia Pacific region, operating profit in the commercial sector was down by -35.5% from $1 million in Q3 2010 to $0.6 million in Q3 2011. Operating loss in professional and technical staffing was reduced from -$0.5 million in Q3 2010 to -$0.1 million in Q3 2011.

Revenues generated by outsourcing and consulting (OCG) was up by +25.9% (CC +24.4%) from $64.1 million in Q3 2010 to $80.7 million in Q3 2011. OCG operating loss was reduced from -$4.2 million in Q3 2010 to -$0.2 million in Q3 2011.

Carl T. Camden, President and Chief Executive Officer, commented "we
are seeing continued demand for temporary staffing services ahead of last year."

"Today's employers are seeking greater workforce flexibility as they adapt to new market realities, and Kelly is in an excellent position to provide customized solutions, particularly through outsourcing and consulting, and highly skilled professional and technical services. When coupled with our leaner cost structure, that business mix has the potential to accelerate profit growth going forward."

Despite the strong improvement in profitability, at close of play in New York yesterday Kelly's shares were down by -8.87% to $15.11

Comments

Add New Comment

Post comment

NOTE: Links will not be clickable.
Security text:*