Key points Q2 2012
- revenue up 10% to € 4,303.1 million; organic growth1 per working day -/-0.8% (0% in June).
- North America up 7%, Rest of the World up 6% and Europe -/-4%
- gross margin at 18.2%, 0.2% below last year
- operating expenses2 at € 647.5 million, up € 9.7 million versus Q1 2012 including € 4 million currency effects
- underlying EBITA2,3 of € 134.9 million, with an EBITA margin at 3.1% (Q2 2011: 3.9%)
- leverage ratio at 2.4, reflecting seasonality in cash flow and dividend payment
- diluted EPS4 from € 0.59 to € 0.51 per ordinary share
Ben Noteboom, CEO Randstad: "We still see a mixed picture in an uncertain environment, illustrated by growth in North America, Asia and Latin America and a gradual slowdown in Europe. Our colleagues in the USA and Japan did particularly well this quarter, growing both revenue and profit. We continue to closely monitor the efficiency and productivity in our business. Our focus is on profitability above market share, and on stringent cost control. We have great confidence in the ability of our people to adjust and adapt as needed, as we have recently seen in the Netherlands and Germany. We welcome the changes in the collective labor agreements in these countries which enable our clients to maintain flexibility, while protecting the rights of our candidates."