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Strong margin and cash flow in difficult market

 

Highlights from Randstad's third quarter statement:

  • Revenue amounted to € 4.5 billion (pro forma organic growth1 amounted to -2%)
  • EBITA margin holding up well at 5.4% (vs. 5.5% pro forma), EBITA2 reached € 242.4 million (-4%)
  • Realization synergies on schedule; operating expenses € 670.9 million, 4% lower than in the previous quarter
  • Solid cash generation; net debt improved by € 253 million to € 1.9 billion, leverage ratio improved to 1.9
  • Adjusted net income3 attributable to ordinary shareholders up 36% to 154.6 million
  • Impairment of € 50 million on Dutch payroll services due to slower than expected trend towards outsourcing

"In this challenging quarter we have done really well", says Ben Noteboom, CEO of Randstad. "Our priorities this quarter were to drive our integration efforts in line with plans, and to manage the change in market conditions at the same time. Managing both is a challenge, and we have shown that we are up to it. The integration projects are on target, we now participate in many more client proposals than before, we maintained our margins, we controlled our costs where needed and we managed to grow our market share in several important markets. I am very proud of the way our people rose to the occasion.


 

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