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Growth in permanent placement and a temporary French tax break helped boost third-quarter results, Netherlands-based staffing giant
"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.
Vedior acquired two
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.
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%