Connecting to LinkedIn...

Blank

Randstad Q3 2012: costs down by 18 million versus previous quarterensuring adaptability

Randstad Q3 2012: costs down by &euro 18 million versus previous quarterensuring adaptability

Key points Q3 2012
• revenue up 4% to &euro 4,396.8 million organic growth per working day -/-4% (-/-3% in September)
• North America up 4%, Rest of the World up 7% and Europe -/-7% (organic growth per working day)
• gross margin at 18.2%, stable versus Q2 2012
• operating expenses2 at &euro 637.8 million, down &euro 18 million versus Q2 2012 in constant currencies
• underlying EBITA ,3 of &euro 161.4 million, EBITA margin at 3.7%
• free cash flow of &euro 207.3 million, up 7% versus Q3 2011
• net debt &euro 1,437.4 million and leverage ratio at 2.2
• diluted EPS4 from &euro 0.66 to &euro 0.62 per ordinary share

“Our performance in North America and Japan was again solid but European conditions softened further”, says Ben Noteboom, CEO of Randstad. “In France, business confidence is eroding fast. Many clients in Europe feel the effects of economic uncertainty. There is an urgent need to reform European labor markets. In November the new collective labor agreements in Germany will kick in, and we are prepared for the resulting changes. We are actively protecting client profitability, and our costs are substantially down quarter-on-quarter, which means we are on track to reach our savings targets. Our delivery models are continuously updated for best efficiency. Our inhouse concept is once more proving its value. With concepts like these, and with the proven professionalism of our people, we are well placed to cope with difficult circumstances while also benefiting from growth opportunities.”

Tags:

Articles similar to

Articles similar to