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USG People Third-quarter 2012 results

USG People Third-quarter 2012 results

                        

Revenue amounted to &euro 746.2 million (Q3 2011: &euro 848.1 million) revenue per working day was down 11% compared to the year-earlier period

Gross margin was 20.4% (Q3 2011: 20.8%)

Underlying operating expenses were 11% lower than a year earlier and improved by another 5% compared to the previous quarter

EBITA totalled &euro 27.1 million EBITA margin: 3.6% (Q3 2011: &euro 33.9 million EBITA margin: 4.0%)

Reported net income amounted to &euro 6.9 million (Q3 2011: &euro 11.7 million)

Earnings per share equalled &euro 0.09 (Q3 2011: &euro 0.15)

"Market demand remained weak in the third quarter but from August revenue trends started to show a slight but stable improvement across the board,” said Rob Zandbergen, CEO of USG People. “The decline in revenue compared to last year slowed and in a few of the markets which are earliest in the cycle we even saw a return to revenue growth in September. This quarter we were once again successful in adjusting our costs to the current economic reality. We achieved a further reduction in our cost level and are furthermore implementing a number of additional reorganisations which will further strengthen the commercial effectiveness and profitability of our organisation.”

Key figures Underlying results (in &euro millions)

3 months to

30 September 2012

3 months to

30 September 2011

&Delta

9 months to

30 September 2012

9 months to

30 September 2011

&Delta

Revenue1

746.2

848.1

-12%

2,171.5

2,435.0

-11%

Gross result

152.5

176.2

-13%

456.8

513.1

-11%

Operating expenses

120.4

135.5

-11%

374.9

422.9

-11%

EBITDA

32.1

40.7

-21%

81.9

90.2

-9%

EBITA

27.1

33.9

-20%

66.3

70.0

-5%

Net income

9.7

13.8

-30%

20.4

18.2

12%

Gross margin

20.4%

20.8%

21.0%

21.1%

Expense ratio

16.1%

16.0%

17.3%

17.4%

EBITA margin

3.6%

4.0%

3.1%

2.9%

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