revenue and earnings per share up 12%
Key points Q3 2011
- Revenue up 12% to € 4,232.4 million; organic growth per working day 7%
- Transaction with SFN Group closed as of September 2, 2011; revenue of € 118 million included in September 2011
- Gross margin sequentially down 0.3% in line with seasonal patterns and mix effects
- Tight cost control maintained, costs at constant currencies sequentially down
- Underlying EBITA2 up 14% to € 175.1 million, EBITA margin at 4.1%
- Strong cash flow generation, free cash flow up 12% to € 193.9 million
- Diluted EPS € 0.66, up 12%
"Our people have done a great job in realizing good growth once again", says Ben Noteboom, CEO of Randstad. "Across the board profitability improved and we managed our costs well. We extend a warm welcome to our new colleagues in North America where the integration with SFN Group is in full swing. Combined with the rebranding of the Professionals businesses in the US, we will approach the largest market in the world with an integrated and enhanced service portfolio, for example in Recruitment Process Outsourcing. On industry level, the final quarter of this year sees the implementation of the EU Agency Work Directive. An important step in lifting restrictions and improving the position of agency work. All the more relevant as private employment agencies play a pivotal role in social and economic progress, job creation, and assisting customers, governments and candidates to maintain their competitive advantage during changes in the employment market."