Key points Q4 2009
- Revenue of € 3,180 million; organic growth1 per working day -18% (from -21% in October to -13% in December)
- Gross profit amounted to € 606 million (-26%) with the gross margin coming down from 21.0% to 19.1%
- EBITA2 reached € 106 million (-40%), with the underlying EBITA margin reaching 3.3% (vs. 4.6% in Q4 2008)
- Adjusted net income3 attributable to holders of ordinary shares € 79.9 million; diluted EPS4 € 0.47 (-35%)
- During the quarter US staffing and inhouse services returned to growth for the first time in 3 years
Key points full year 2009
- The integration of Randstad and Vedior was successfully completed
- Revenue of € 12.4 billion compared to € 17.0 billion in 2008; organic growth1 per working day -26%
- Operating expenses reduced by 22% to € 2,098.5 million, backed by natural attrition, synergies and restructuring
- Adjusted net income3 attributable to holders of ordinary shares € 207 million (-57%); diluted EPS4 € 1.21 (-62%)
- Net debt reduced by € 626 million to € 1,015 million; leverage ratio 2.5 (FY 2008: 1.8, Q3 2009: 2.4)
- In line with our financial policy to strive for a leverage ratio below 2.0, it is proposed to further strengthen the balance sheet and not to pay dividend
"Our markets have stabilized and classical recovery patterns are visible", says Ben Noteboom, CEO of Randstad. "If recovery continues we should do very well. Clients worldwide realize that they need efficiency in the way they employ people, more than ever before. Our company emerges from the downturn with much improved debt levels and well adjusted cost levels. We can offer an unparalleled range of services to our clients as the expertise of our people is very much still in place. We have ample capacity to benefit from renewed growth in all major global markets. Whether it is in staffing, in managed services or in the placement of professionals, we have an excellent position from which to start building again, and our new Randstad group is ready for the future."