Connecting to LinkedIn...

Blank

USG People publish Q3 results

Highlights

• Revenue amounted to &euro 599.4 million (Q3 2012: &euro 614.9 million) revenue was down 3% compared to the year-earlier period return to growth almost reached

• Underlying operating expenses were 6% lower than a year earlier

• Underlying EBITA rose to &euro 23.1 million (Q3 2012: &euro 22.6 million) EBITA margin rose to 3.9% (Q3 2013: 3.7%)

• Underlying net income rose to &euro 8.9 million (Q3 2012: &euro 7.1 million)

• Financing structure optimised with &euro 60 million subordinated loan

• Final settlement figure for legal claims in Germany positive non-recurring result of &euro 11 million

• The settlement of income tax on the sale of the General Staffing activities has a positive effect on net income of &euro 14.1 million

• Changes to executive structure and simplified management structure

“The development of our results in the third quarter was very positive,” said Rob Zandbergen, CEO of USG People. “The steps we have taken as part of our strategy are clearly producing results. Our competitiveness has improved further, resulting in a rise in revenue and boosting profitability at our operating companies in all the countries where we are present. The change in the senior management structure announced this week gives the operating companies more responsibility and more direct involvement in decision-making and this will encourage and strengthen entrepreneurship. We take pleasure in noting that our results are improving strongly and I want to offer my sincere thanks to our employees whose work and performance has been excellent over the recent period, often in difficult and challenging market conditions. As USG People we are extremely well placed to take advantage now that the markets seem to be picking up.”

Key figures Pro forma underlying results1 in &euro millions                3 months to 30 September

2013      3 months to 30 September

2012      &Delta            9 months to 30 September

2013      9 months to 30 September

2012      &Delta

Revenue             599.4    614.9    -3%       1,673.8 1,802.1 -7%

Gross result      127.9    133.7    -4%       357.0    401.3    -11%

Operating expenses      100.4    106.7    -6%       305.6    332.6    -8%

EBITDA                27.5       27.0       2%         51.4       68.7       -25%

EBITA   23.1       22.6       2%         39.3       55.0       -28%

Net income       8.9         7.1         7.8         12.6

Gross margin    21.3%   21.7%   21.3%   22.3%

Expense ratio   16.7%   17.4%   18.3%   18.5%

EBITA margin    3.9%     3.7%     2.3%     3.1%

Tags:

Articles similar to

Articles similar to