revenue up 13% and net income up 36%
Key points Q2 2011
- Revenue up 13% to € 3,915.0 million; organic growth1 per working day 11%
- Gross margin up 0.3% sequentially
- Operating expenses sequentially up 1% to € 567 million
- EBITA2up 24% to € 153.5 million, EBITA margin at 3.9%
- Adjusted net income3 attributable to holders of ordinary shares € 101.1 million, up 31%
- Diluted EPS4€ 0.59, up 31%
- Intended acquisition of SFN Group announced on July 20, 2011, expected to close late Q3
"This is the fifth consecutive quarter with double-digit growth", says Ben Noteboom, CEO of Randstad. "Our people have done a good job, with the fastest growth in Germany, France and North America. Clients are showing a high level of interest in inhouse services, and we see excellent growth there. Worldwide, the lingering uncertainties in the economy will lead to more interest in flexible solutions, more transitions and mobility on the employment market. As an HR services provider we help our clients to adapt to change and to continue being competitive and efficient. The big news is, of course, the prospect of being able to join forces in North America with our excellent colleagues from SFN Group. This is something we all look forward to. We believe that together we will be able to offer many North American and international clients, candidates, employees and shareholders even better opportunities than we would have separately. We look forward to shaping the world of work together."