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Randstad has a solid Q2 with gross profit up 7%

Highlights:

Topline accelerated in Europe (the Netherlands and France) North America stable growth

Gross margin up 30 bp to 18.7% Perm fees up 13%, now 10.9% of gross profit (vs. 10.0% last year)

Underlying EBITA of &euro 215 million (16% organically) EBITA margin up 40 bp to 4.5% Organic L4Q ICR of 61%

Adjusted net income up 31% from &euro 116 million to &euro 152 million

DSO improved to 51.2 (from 51.9 in Q2 2014) leverage ratio of 0.7 compared to 1.3 last year

Global MSP spend under management up 57%, RPO revenue up 36%

Based on volume trends, growth in July is at least in line with Q2

Expected FY 2015 effective tax rate of between 26% and 28% (previous guidance 27-30%)

"Our solid results confirm that we are on track to deliver on our ambition, driven by the strong execution of our 29,000 colleagues across the globe," says Randstad CEO Jacques van den Broek.

"Growth in Europe is accelerating and our US business continues to do well. I am proud of the market outperformance by our people in many of our operations. Furthermore, we see continued growth in permanent placements and also in managed services and recruitment process outsourcing, both part of Randstad Sourceright.

"Looking at the progress we have made in the past 12 months, I am confident we can do even better in the future."

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