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International results - Radia, Olympia, Proffice

November 24 2008

Radia Holdings Inc., a Tokyo-based firm that provides staffing and other services, and two European staffing firms, Proffice and Olympia Flexgroup AG, posted earnings results.

Radia Holdings Inc. reported a 43.7% decrease in revenue to 96.95 billion yen (US$915.8 million) for the first quarter ended Sept. 30 of its fiscal year. The company posted first-quarter revenue of 172.27 billion yen in the same period last year.

Radia, formerly the Goodwill Group Inc., exited its day labor business on July 31. Its operations had been suspended earlier in 2008 by the Japanese government over violations of Japanese labor law which included referrals of workers to port services and double referrals (where a worker is dispatched to another company by a client). The company previously announced it is restructuring and brought in Charles Abadie as chairman. Abadie previously served as president and CEO of Boca Raton Fl-based Tandem Staffing.

Radia's net loss for its first quarter was 6.52 billion yen (US$61.6 million).

Scandinavian staffing firm Proffice said revenue rose 9.7% to 1.03 billion Swedish Kroner (US$152.6 million) in the quarter ended Sept. 30. Profit rose 30.4% to 30.0 million Swedish Kroner (US$4.4 million). Proffice also announced that deputy CEO Lars Kry has been appointed as CEO, replacing Lars Waholström. The company operates in Sweden, Norway, Finland and Denmark.

Olympia Flexgroup's revenue for the first nine months of 2008 edged up 0.2% year over year to euro291.3 million (US$420.9 million). The Düsseldorf, German-based staffing firm said growth continued to slow in the personnel services and sales fell further in October.

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