Manpower results show return to profit
30 March 2012
ManpowerGroup’s results for the three months ending 31 December 2011 have shown a $129.8m (£82m) operating profit, following a $342.6m loss in the same quarter in 2010.
Thurs, 2 Feb 2012
ManpowerGroup’s results for the three months ending 31 December 2011 have shown a $129.8m (£82m) operating profit, following a $342.6m loss in the same quarter in 2010.
Revenues for the quarter totalled $5.48bn (£3.46), up 5% from Q4 2010.This helped the firm record an operating profit of $524.2m in 2011 as a whole, having seen a $122m loss in 2010. Much of this difference can be accounted for in $428.8m “goodwill and intangible asset impairment charges” the firm paid in 2010, and no such expense recorded in 2011.
The firm’s revenues in the US rose from $2.78bn to $3.14bn between 2010 and 2011, with its profit in the country reaching $94.1m from $42.8m.
Revenues and profit rose across the firm’s European businesses, with the exception of it’s Right Management workforce solutions division, which saw revenues fall by over $50m to $323.7m, with it’s operating loss totalling $1.4m, having seen $3.5m profit last year.
Jeffrey A. Joerres, ManpowerGroup chairman and chief executive, says: “We had a strong fourth quarter performance.
“Our Solutions business continued to gain momentum as our clients are valuing our portfolio of offerings. Asia continued to lead the pack in revenue and profitability growth.
“We are cautiously optimistic about the first quarter, given the economic back drop, but any sizable disruption in Europe would affect our performance.”
ManpowerGroup’s results for the three months ending 31 December 2011 have shown a $129.8m (£82m) operating profit, following a $342.6m loss in the same quarter in 2010.
Revenues for the quarter totalled $5.48bn (£3.46), up 5% from Q4 2010.This helped the firm record an operating profit of $524.2m in 2011 as a whole, having seen a $122m loss in 2010. Much of this difference can be accounted for in $428.8m “goodwill and intangible asset impairment charges” the firm paid in 2010, and no such expense recorded in 2011.
The firm’s revenues in the US rose from $2.78bn to $3.14bn between 2010 and 2011, with its profit in the country reaching $94.1m from $42.8m.
Revenues and profit rose across the firm’s European businesses, with the exception of it’s Right Management workforce solutions division, which saw revenues fall by over $50m to $323.7m, with it’s operating loss totalling $1.4m, having seen $3.5m profit last year.
Jeffrey A. Joerres, ManpowerGroup chairman and chief executive, says: “We had a strong fourth quarter performance.
“Our Solutions business continued to gain momentum as our clients are valuing our portfolio of offerings. Asia continued to lead the pack in revenue and profitability growth.
“We are cautiously optimistic about the first quarter, given the economic back drop, but any sizable disruption in Europe would affect our performance.”
