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MPS Group Says Decline Is Slowing

MPS Group Says Decline Is Slowing

MPS Group Inc. has announced that its second-quarter revenue fell by 29.1% to $417.9 million, however, it stated that the pace of decline had slowed. It added that revenue fell by only 23% excluding acquisitions and the effects of foreign exchange.

CEO Timothy Payne said in a statement. "The hiring environment remains very challenging however, it is encouraging that the pace of decline in revenue has slowed. Anecdotal evidence, such as job orders, numbers of layoffs at our clients, and client commentary, points to some degree of stabilisation."

Net income in the second quarter was $2.9 million, down 85.9% from $20.7 million in the second quarter of 2008. MPS estimates that its third-quarter revenue will be between $380 million to $410 million, down 29.0% to 34.2% year-over-year.

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