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World – Robert Half sees international revenue still in decline

31 January 2014

US-based recruitment firm Robert Half (RHI: NYSE) reported revenue, for the fourth quarter ending 31 December 2013, of USD 1.08 billion, an organic increase of +3.3% compared with USD 1 billion a year ago. The company achieved a gross profit of USD 443.2 million, up from USD 416.4 million.

Robert Half announced a net income for the three month period of USD 66.9 million, up from USD 58.6 million for the same period last year.

Harold M. Messmer, Jr., Chairman and CEO of Robert Half, commented: “We saw continued strength in our staffing operations in the fourth quarter, during which growth rates accelerated for substantially all of Robert Half’s specialised staffing divisions. Our technology staffing, as well as our permanence placements divisions, reported the strongest staffing revenue gains, compared to the year-ago quarter. Protiviti also reported another excellent quarter, with revenue up +18% year-over-year.”

“This was Robert Half’s 15th consecutive quarter of double-digit net income,” Mr Messmer added.

Segmentally, the company’s largest and most well-known business, Accountemps, reported revenue of USD 377.7 million, a marginal decline of -0.3%, on an organic basis, from USD 379.2 million last year. The Accountemps business was the only segment to report a year-on-year decline in revenue.

The company’s second largest business segment, OfficeTeam, reported an organic increase of +2.8% in revenue to USD 214.7 million from USD 208.4 million, year-on-year. The biggest year-on-year rise in organic revenue was reported by Robert Half Technology, which increased by +14.9%, year-on-year. 

Revenue derived from temporary and consultant staffing in the United States rose by +5.2%, while permanent placement staffing reported a +11.3% rise compared with the same quarter last year, in constant currency. However, international revenue derived from both temporary and consultant staffing fell during Q4 2013 by -4.2%,  International permanent placement rose by +2.7% compared with last year. Outside of its home market, the company operates in Australia, Austria, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Netherlands, New Zealand, Singapore, Switzerland, UAE and the United Kingdom but does not provide any insight into performance by country.

In trading yesterday, the company’s share price closed up at USD 42.08, a rise of +1.4% on the day and an increase of +21.5% compared with a year ago. Based on its current share price, the company has a market value of USD 5.8 billion. 

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