Key points Q1 2011
- Revenue up 22% to € 3,700.0 million; organic growth1 per working day 15%
- Operating expenses sequentially down 2% to € 562 million
- EBITA2 reached € 108.7 million (+44%), with the EBITA margin at 2.9% (vs. 2.5% in Q1 2010)
- Adjusted net income3 attributable to holders of ordinary shares € 65.8 million, up 38%
- Diluted EPS4 € 0.38, up 36%
- Free cash flow increased to € 130 million, up 234%
- Launch of (organic) growth accelerator for professionals
"We saw continued strong growth in many markets like Germany, France and North America during the quarter", says Ben Noteboom, CEO of Randstad. "Efficiency and market shares increased further in many countries. All segments showed good growth. To benefit from the improving market conditions, we will increase our investment in the professionals segment, where we have started a growth accelerator plan. With continuing economic improvement, we look to the coming quarters with confidence. The most notable aspect for this quarter, however, is how our people in New Zealand and then in Japan dealt with the consequences of the earthquakes. Their resilience in the face of such major adversity has been exemplary."