Over 10% Q4 revenue growth for USG People
USG People has released its fourth quarter and full-year results for 2015.
USG People saw revenue grow 11.9% in the fourth quarter to € 677.3m (Q4 2014: € 605.1m). The number of working days was on average 0.6 higher than in the fourth quarter of last year, which the company said had a positive impact of 1.2% on revenue growth. Revenue per working day increased 10.7%.
The underlying gross profit rose € 11.3m or 8.8% to € 140.0m in the fourth quarter (Q4 2014: € 128.7m). As a percentage of revenue the gross margin was 20.7% (Q4 2014: 21.3%).
Underlying expense ratio improved to 14.8% (Q4 2014: 16.0%), during the fourth quarter. The company claims that underlying EBITA increased 29.9% to € 36.1m (Q4 2014: € 27.8m) and the underlying EBITA margin rose to 5.3% (Q4 2014: 4.6%). Underlying net income rose to € 23.8m (Q4 2014: € 19.5m).
For the full-year, revenue rose 8.3% to € 2,550.7m (2014: € 2,355.0m). Underlying gross profit rose 5.8% to € 520.6m (2014: € 492.1m). The company says that underlying expense ratio improved by 100 basis points to 15.6% from 16.6% in 2014. Underlying EBITA increased by 26.2% to € 109.4m (2014: € 86.7m) and underlying net income rose to € 65.3m (2014: € 51.9m).
"The positive trend in our results continued in the fourth quarter," said Rob Zandbergen, CEO of USG People. "Our revenue increased by 12% and there was a high rate of conversion to underlying EBITA, which improved by 30%. We achieved double-digit growth in the Netherlands and Belgium and outperformed the market in all four countries. Effective cost management in combination with the revenue growth enabled us to comfortably achieve our stated target for improving our cost structure. Costs as a percentage of revenue fell by another full percentage point in 2015.
“Our staff achieved a good performance in several respects, both in the area of commercial and operational excellence and in realising our ambition to provide innovative solutions for our clients. The execution of our strategy led to highly satisfactory returns in 2015. If the proposed public offer by Recruit for our shares, announced on 22nd December, is declared unconditional USG People will continue as a unit of a globally operating organisation. Linking up with Recruit will enable us to further accelerate our growth and develop our positioning on the continental European market more rapidly. I would like to thank all our employees for their commitment and the contribution they have made to the good results in the past year."