Randstad earnings up 3% in Q1

Staffing agency Randstad announced a 3% rise in net profit to €73.3m for the first three months of 2008 on Friday.

The increase was lower than the €75m analysts expected reports ANP news service.
Turnover went up €6% to over €2.2bn in the same period.
The North America market, good for 10% of the company’s turnover, remained weak as a result of the threat of recession. Turnover in this region fell 16% in the first quarter, Randstad said.
Turnover in the Netherlands (where 33% of its business is based) rose 3% to €777m.
Randstad expects ‘moderate’ turnover growth for the second quarter.
The company said its takeover of rival Vedior is progressing well. Vedior shareholders have until May 9 to offer their shares. The new Randstad-Vedior combine will be the world’s second largest temp employment agency.
Click here for Vedior’s first quarter earning, also announced today

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