Key points first quarter 2010
- Revenue almost flat at € 3,039 million
- Organic growth1 per working day improving from -5% in January to +4% in March
- Gross profit2 reached € 575 million (-6%) with the gross margin coming down from 20.1% to 18.9%
- Operating expenses flat versus Q4 2009 at € 500 million or down 12% YoY
- EBITA3 amounted to € 75 million (+53%), with the EBITA margin reaching 2.5% (vs. 1.6% in Q1 2009)
- Adjusted net income4 attributable to holders of ordinary shares € 47.6 million; diluted EPS5 € 0.28 (vs. € 0.05)
"In a quarter that is historically the weakest of the year, we achieved a solid performance, thanks to cost control and careful attention to margins", says Ben Noteboom , CEO Randstad Holding. "In March, revenue recovered strongly, with the industrial segments leading the change. Our US and German businesses are well over last year's levels, while the Netherlands is still lagging. In the US, our professionals business has also returned to growth in March. Clients have clearly taken the message that with increased volatility, flexible solutions are the answer. We expect growth will also return and accelerate in many other specialized and professional segments, as well as in the Dutch market. Our people are ready to benefit from any opportunity. We have the capacity, while reinforced commercial programs are in place. Our prospects for the near future are better than they have been for quite some time."