FINANCIALS: Manpower profits drop despite French strength
Staffing giant Manpower nearly trebled profits in its French business, according to its results from the first quarter of 2013, but still saw revenues and group-wide profit drop.
Revenues dropped in all geographical regions and in the talent and career management division Right Management, with group-wide currency-adjusted revenues down 5.8% to $4,768.9m (£3,214m).
France, which represents a quarter of the group, saw revenues drop 11.8% (at constant currency), yet saw operating profit rise from $5.5m to $14.3m. The only other region seeing a rise in profit was the US, by 7.9% to $7.4m.
Chairman and chief executive officer Jeffrey A Joerres says: "The first quarter performance was largely attributed to slightly stronger than anticipated revenues and tax credits.”
He also said that the company “has done an outstanding job dealing with the high levels of uncertainty in Europe”.
