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France – Group Crit sees French market slow down

26 April 2012

Groupe Crit (CRIT:PAR), one of France’s largest temporary staffing firms, reported  that Q1 sales were up by over +5% to €350.3 million, when compared to Q1 2011. In terms of revenue, the firm declined organically by -2.4% to €324.9 million in the first quarter, compared to €333 million a year ago. The Group said that its first quarter results are in line with expectations although French revenues dropped.

The temp business increased sales by around +3.4% to €289.7 million, driven by international revenues which amounted to €45 million, up from €19.6 million in Q1 2011. The firm said it benefitted from activities in North America, particularly from staffing firm, PeopleLink, which improved sales by almost +9% at constant currency. Overall, international sales showed organic growth of +3.8% in Q1 2012.

But in France, first quarter revenue was down to €244.7 million from €260.6 million in 2011. The firm explained that “this evolution, in line with the French market, has to be compared with a high comparison basis, the first quarter 2011 sales increasing by +27.7%.”

Revenue for the firm’s Multiservices business was up +15.4% to €65.1 million due to an improvement in all business segments. In Airport activities, Q1 2012 sales were up +10.1% to €46 million while in  Engineering and Maintenance activities surged by +30.3% to €14.7 million. 

Groupe Crit is among the top five staffing firms in France, according to Staffing Industry Analysts’ research. It is a France-based holding company that specialises in service provision split into three divisions: temporary employment & recruitment services; airport services; and engineering and maintenance.

The firm announced results after market closure on Wednesday and shares were slightly down this morning by -0.62% at €14.50, which is also down -37.55% from a year ago but +46.17% above the 52-week low of €9.92 set on 24 November 2011. This values the company at 164.14 million. 

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