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USG Announce Fourth-quarter and full-year 2010 results

USG Announce Fourth-quarter and full-year 2010 results

Revenue grew 12%, underlying EBITA rose 45% in fourth quarter

Fourth-quarter 2010 highlights

Revenue rose to 835 million and was up 12% compared to the fourth quarter last year

Underlying gross margin of 22.0%, in line with previous quarters (Q4 2009: 22.1%)

Underlying operating expenses of 145 million, a rise of 7% compared to the fourth quarter of 2009

Underlying EBITA increased to 32 million (EBITA margin: 3.8%) compared to underlying EBITA of 22 million (EBITA margin: 2.9%) in the fourth quarter of 2009

Underlying net income rose to 12 million from 5 million in the fourth quarter of 2009

2010 highlights

Revenue rose to 3,099 million, up 3% compared to 2009

Underlying gross margin of 21.9% against 22.6% in 2009

Underlying operating expenses of 560 million, down 4% compared to 2009

Underlying EBITA increased to 93 million (EBITA margin: 3.0%) compared to underlying EBITA of 68 million (EBITA margin: 2.3%) in 2009

Net income increased to 15 million compared to a loss of 31 million in 2009

Net bank debt improved to 93 million from 223 million at the end of 2009

Dividend proposal: 0.16 per share, payable in cash or shares

In the final quarter of the year our revenue grew in every country, said Rob Zandbergen, CEO of USG People. The revenue growth of General Staffing in the Netherlands was a very positive development, far outperforming the market with a growth of 20%. 2010 was good year for us in various ways. Trends in our markets developed favourably throughout the year and recovery appears to be continuing across the board in the Netherlands and Belgium too. That means that our specialist- and professionals activities can in turn join in with the growth which we are already seeing in the general staffing activities. Our balance sheet improved substantially in 2010 and our brand portfolio has become more effective and efficient after combining our activities these past few years. This provides a sound basis for us to further expand our activities. We are well-positioned and focused on growth. We look to 2011 with a sense of optimism.

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