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Abu Dhabi, UAEMonday 24 September 2018

World's second-largest recruiter gains from European recovery

Randstad said revenue rose 10 per cent to €5.87 billion

Employees work in Minsk, Belarus. Staff recruiter Ranstad has gained off the back of a recovery in Europe. Reuters/Vasily Fedosenko
Employees work in Minsk, Belarus. Staff recruiter Ranstad has gained off the back of a recovery in Europe. Reuters/Vasily Fedosenko

Randstad, the world's second-largest staffing company, said core profit and sales had grown broadly in line with expectations in the third quarter, with a broad European economic recovery driving the improvement.

Randstad said revenue rose 10 per cent to €5.87 billion (Dh25.32bn) while underlying earning before interest, taxation and amortisation (ebitda) increased 6 per cent to €288 million.

Analysts polled by Reuters had on average expected sales of €5.9bn and ebitda of €288m.

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The key area for growth was Europe, where sales were up 11 per cent overall, driven by even higher double-digit increases in Spain, Italy and France.

"There is growth across the whole of Europe," said the chief financial officer Robert Jan van de Kraats. "All markets are growing and the driver behind that is blue collar workers."

Randstad said it expects a similar performance through the rest of the year.

Although some sectors are beginning to develop labour shortages, such as the Dutch construction sector, Mr van de Kraats said there was little sign of wage increases.

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