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Randstad has released its Third Quarter 2011 results

 Randstad has released its Third Quarter 2011 results

Continued growth in a challenging environment
revenue and earnings per share up 12%

Key points Q3 2011
 - Revenue up 12% to &euro 4,232.4 million organic growth  per working day 7%
 - Transaction with SFN Group closed as of September 2, 2011 revenue of &euro 118 million included in September  2011
 - Gross margin sequentially down 0.3% in line with seasonal patterns and mix effects
 - Tight cost control maintained, costs at constant currencies sequentially down
 - Underlying EBITA   up 14% to &euro 175.1 million, EBITA margin at 4.1%
 - Strong cash flow generation, free cash flow up 12% to &euro 193.9 million
 - Diluted EPS  &euro 0.66, up 12%

“Our people have done a great job in realizing good growth once again”, says Ben Noteboom, CEO of Randstad. “Across the board profitability improved and we managed our costs well. We extend a warm welcome to our new colleagues in North America where the integration with SFN Group is in full swing. Combined with the rebranding of the Professionals businesses in the US, we will approach the largest market in the world with an integrated and enhanced service portfolio, for example in Recruitment Process Outsourcing. On industry level, the final quarter of this year sees the implementation of the EU Agency Work Directive. An important step in lifting restrictions and improving the position of agency work. All the more relevant as private employment agencies play a pivotal role in social and economic progress, job creation, and assisting customers, governments and candidates to maintain their competitive advantage during changes in the employment market.”
 

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