revenue up 12% and diluted earnings per share up 3%
Key points Q1 2012
- revenue up 12% to € 4,152.4 million; organic growth1 per working day flat at 0% (+1% in March).
- continued strong growth in North America, rate of decline eased across Europe
- gross margin at 18.0%, 0.1% below last year
- operating expenses flat compared to previous quarter at € 637.8 million
- EBITA2 up 2% to € 110.4 million, with an EBITA margin at 2.7%
- free cash flow of € 57.8 million and leverage ratio down to 1.7
- net income for holders ordinary shares4 up 2% to € 67.4 million
- diluted EPS up 3% to € 0.39 per ordinary share
Ben Noteboom, CEO Randstad: "In North America, we continue to see excellent performance across the board. Our businesses in Asia-Pacific and Latin America show growth, while in Europe the situation remains rather uncertain. European performance in the first quarter was mixed, although it ended with a slightly upward trend. This could be encouraging, but it is too early to draw any major conclusions. Less restrictive European regulation in Italy and Belgium should benefit job markets progressively, although there is union resistance in several countries. We remain focused on profitable market share gains, relying on the quality and dedication of our people in the field, coupled with our strong concepts and execution."