By Michael Susin
Randstad NV, a Dutch staffing company, announced that its net profit for the third quarter has declined due to underwhelming sales, as the company grapples with challenging macroeconomic conditions.
During this period, the net profit amounted to €168 million ($179.2 million), compared to €228 million in the third quarter of 2022.
The company’s underlying earnings before interest, taxes, and amortization (EBITA), an important metric that excludes exceptional and one-off items, also experienced a significant decrease of 19%, totaling €273 million.
Furthermore, revenue dropped from €7.05 billion to €6.26 billion compared to the same period last year. The market consensus provided by Randstad was set at €6.37 billion, indicating that the actual revenue fell short of expectations. Additionally, the company noted that revenue has also been negatively impacted by foreign-exchange movements.
In terms of organic revenue per working day, there was a decline of 7.3% compared to the previous year.
Looking ahead to the fourth quarter, Randstad anticipates that both gross margin and operating expenses will be on par with the third quarter.
“While visibility remains limited, we remain cautious and continue to work with scenario planning. Leveraging our diverse portfolio of services and operational adaptability supported by our field steering model, we will respond swiftly and effectively,” the company stated.
