Recruitment giant Randstad’s revenue decline has stabilised, according to its second quarter results.

Revenue for the period was £2.9bn, while gross profit reached £598.1m, with gross margin coming down from 21% to 20%.

Operating expenses fell by 24% to  £531m due to natural attrition, synergies and restructuring.

Ben Noteboom, chief executive at Randstad, says:”The second quarter has proved stable on average.

“The US staffing and inhouse businesses as well as our main European markets clearly show some stabilisation. On balance, it is too early to declare a beginning of recovery.

“Developments like the  new legislation in France to open up the public sector for our services are good news. In the short-term such effects will be small, so we will continue to focus on cost management.

“We are making good progress on preparing for the future. Our rebranding projects are running well, and 14 countries, representing more than half our revenue, have implemented our new web platforms. Recession or not, we will continue developments that will allow us to play a leading role in shaping the world of work.”