Higher sales keeps Randstad in the green
Dutch temporary job agency Randstad on Thursday announced a 36 percent rise in net profit year-on-year, driven by a strong revenue increase of 13 percent.
The group said it scooped 76.3 million euros ($109.5 million US dollars) in net income, while sales stood at 3.9 billion euros.
"This is the fifth consecutive quarter with double-digit growth," said Randstad chief executive Ben Noteboom in a press release from Amsterdam.
Sales increased in in-house services, mainly focused on the industrial and logistics segments, showing a 29 percent rise in growth compared with the same period last year.
Randstad has seen its revenue grow in all areas where it operates including a 16 percent increase in France and Germany, respectively, and a 14 percent jump in North America.
But "slow demand in the public sector continued to have a significant impact on our Dutch and United Kingdom businesses," Randstad said, noting growth of seven and two percent in the two countries.
Randstad, which employs around 26,000 people in 43 countries around the world, said its acquisition of leading US-based HR company SFN for around 771 million dollars (537 million euros) was expected to be closed late in the third quarter of 2011.
The completed deal will see Randstad become the "third-largest HR services provider in North America," the company said.
© 2011 AFP