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Vedior profit rises 17.2%

October 25 2007

Growth in permanent placement and a temporary French tax break helped boost third-quarter results, Netherlands-based staffing giant Vedior NV reported today. Revenue rose 9% while net income increased 17.2%.

"Although the strong market conditions we saw for the first half of 2007 have eased somewhat, our business mix and professional/executive focus contributed to good results overall this quarter," said CEO Tex Gunning

Gunning also said the company had begun a strategic review.

Vedior posted third-quarter revenue of euro2.20 billion (US$3.14 billion), up from euro2.01 billion in the same period last year. It reported third-quarter net income of euro64.1 million (US$91.5 million), up from euro54.7 million in the third quarter of 2006. Gross margin improved to 19.9% from 18.2%

Permanent placement fees rose 33% and now represent 22% of Vedior's gross profit, compared with 17% in the third quarter of 2006, the company said.

In the U.S., the company reported a 3% increase in revenue to euro176.4 million (US$251.8 million). However, the company reported weakness in the traditional staffing sector.

Vedior acquired two U.S. companies during the third quarter — Think Engineering, a provider of engineering and technical professionals, and B2B Workforce, a provider of software applications personnel and consulting.

Canadian revenue rose 9% to euro63.3 million (US$90.3 million). It reported strong growth in the engineering/technical and information technology staffing sectors.

Vedior NV

For the third quarter ended Sept. 30, 2007, compared with the same period in 2006

Revenue: euro2.20 billion (US$3.14 billion), +9%

Net income: euro64.1 million (US$91.5 million), +17.2%

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