Randstad announces 88% fall in Q2 profit

Staffing agency Randstad on Wednesday announced an 88% fall in second-quarter net profit to €11.6m mainly due to declining European labour markets.

Revenue dropped 33% to almost €3bn. Randstad saw sales fall in all its key markets, including a 24% drop in the Netherlands.
The company said the integration of the temp agency Vedior, which it took over in May 2008, has been completed a year ahead of schedule and that cost synergies from this acquisition will amount to €100m annually.
In its http://www.ir.randstad.com/releasedetail.cfm?ReleaseID=399650“>statement, Randstad CEO Ben Noteboom said: ‘The US staffing and in-house businesses as well as our main European markets clearly show some stabilisation.
‘At the same time many segments in our professionals portfolio are still shrinking… On balance, it is too early to declare a beginning of recovery.’

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