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USG People Announces its 2011 Second-quarter and half-year results

USG People Announces its 2011 Second-quarter and half-year results

Group revenue up to &euro 815 million, a 9% increase compared to the second quarter last year

Gross profit up 4% compared to last year and gross margin of 21.0% (Q2 2010: 22.0%)

Underlying operating expenses of &euro 143 million, up 3% on the second quarter of 2010, down &euro 1 million on the previous quarter (Q1 2011: &euro 144 million)

Underlying EBITA up to &euro 21 million (EBITA margin: 2.6%) compared to an underlying EBITA of &euro 19 million (EBITA margin: 2.6%) in the second quarter of 2010

Underlying net income up to &euro 5 million compared to &euro 4 million in the second quarter of 2010

Provision of &euro 16 million for cost reductions in the Netherlands which will result in annual cost savings of &euro 27 million from 2012. Savings of &euro 11 million in the second half of 2011

Provision of &euro 21 million taken for CGZP / AMP case in Germany

"In most countries growth moved towards a more sustainable pace, following a period in which we saw the markets staged a sharp recovery from their lows during the crisis," said Rob Zandbergen, CEO of USG People. “Growth in the Netherlands was dampened by spending cuts in the public sector. We have further strengthened the effectiveness and continuity of our organisation to a major extent. The IT projects we have continued to invest in over the past few years have been successfully completed. This has improved our cost base and allowed us to create greater stability in our profitability. In addition we completed a successful refinancing in the second quarter. Prompted by the extremely favourable market conditions, we decided to move now to renew our existing facility which was due to expire end-2012. In doing so we have assured ourselves of a solid financial base until 2016 and are already benefiting from the more favourable terms and conditions of the new agreement. We will continue to focus on growth and strengthening profitability.”


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