revenue up 13% and diluted earnings per share up 8%
Key points Q4 2011
- Revenue up 13% to € 4,377.5 million; organic growth1 per working day 4% (1.5 working days less)
- Good cost control maintained; underlying EBITA2 up 1% to € 163.3 million, with an EBITA margin at 3.7%
- Strong cash flow generation: free cash flow up 7% to € 216.4 million and leverage ratio down to 1.8
- Negative net result of € 16.5 million, caused by a non-cash impairment charge on goodwill of € 125 million
Key points FY 2011
- Strong market position in North America established by the acquisition of SFN Group, integration well on track and cost synergies target raised by $10 million to at least $40 million, annual tax synergies remained $10 million
- Revenue up 14% to € 16.2 billion and underlying EBITA2 up 18% to € 600.6 million
- Adjusted net income attributable to holders of ordinary shares4 up € 63.8 million to € 399.7 million
- Proposed cash dividend of € 1.25 per ordinary share based on a payout ratio of 53%, in line with dividend policy
"The patterns in our markets are clearly diverging from previous recoveries", says Ben Noteboom, CEO of Randstad. "The North American market is getting more robust, while the European markets are gradually slowing down. In a classic pattern we would now see more growth in Europe and especially across our professionals business, but this is not the case. The Asian markets also experience some uncertainty. Our people have done well and we have increased our market share in important markets like North America and France. Our new colleagues in SFN have done a great job last quarter. In this uncertain environment our clients need to react fast, and so do we. We maintain focused on our field steering model, designed to make us more adaptable and more productive. Our inhouse services and our strategic talent management services (RPO) continue to experience high interest from clients. We will continue to develop our specialty and professionals businesses and accelerate growth in permanent placements. We believe we are well positioned to grasp the opportunities in 2012."