FINANCIALS: Q2 reports from Adecco, CTPartners and Kelly
8 August 2013
Global recruiters CTPartners, Kelly Services and Adecco respectively saw revenues rise, remain stable and decline in the second quarter of 2013, while positive noises come out of UK-based recruitment groups Matchtech and Savile in trading updates.
Thu, 8 Aug 2013
Global recruiters CTPartners, Kelly Services and Adecco respectively saw revenues rise, remain stable and decline in the second quarter of 2013, while positive noises come out of UK-based recruitment groups Matchtech and Savile in trading updates.
Adecco
The recruitment giant’s second-quarter performance saw revenues drop 3% organically, although an increase in gross margin meant operating income and net income rose by more than 10% to €190m ((£163.6bn) and €126m respectively..
Revenues of €4.9bn included 12% decline in France, the firm’s biggest market making up a quarter of total revenue, while North America, emerging markets and the UK & Ireland, respectively, the second, third and fourth biggest regions, saw growth of 3%, 8% and 4% apiece. UK & Ireland thus continues to buck a Europe-wide declining trend at the firm.
Patrick De Maeseneire, the firm’s chief executive officer, says: “We delivered a strong performance in the second quarter. Labour markets are starting to stabilise around Europe and we see some more positive signs in our business.”
The quarter also saw the firm, alongside Manpower and Randstad, investigated by the French Competition Authority.
CTPartners
Global revenue rose by 1% year-on-year to $34.2m (£22.05m) in the quarter at the exec search firm, with the company noting a strong performance from Augmentum, the UK recruiter it acquired in May.
However, results available online show that the firm made a net loss of $324k, the same as in Q2 2012, although net losses for the first six months of the year are almost three times higher at $2.4m than in the first half of 2012.
http://investor.ctnet.com/phoenix.zhtml?c=238883&p=irol-newsArticle&ID=1845825&highlight=
While its financial services practice, by some way the company’s biggest division, saw substantial revenue decline, significant growth was seen across all other areas apart from consumer/retail.
Kelly Services
Kelly saw a marginal rise of 0.1% in global revenues in Q2 2013, with the company's results, available via its website, which evidences the emergence of Mexico as a major market for the group.
It made $35.9m (£23.2m) or 3% of group-wide revenues in Mexico in Q2, a rise of 27.9% on the figure for the same period in 2012 when adjusted for fluctuations in currency.
Russia is the only other country to see currency-adjusted revenue growth above 10% for the period, at 11.2%. In the first six months of 2013, Mexico’s 22.4% revenue growth was the only geography in the company above 10%.
Group-wide gross profit dropped 1.1% currency-adjusted to $220.7m for Q2, while earnings from operations excluding various one-off costs were $18.9m for the quarter, compared with $21.6 million last year.
Matchtech Group
The technical and professional recruiter will release preliminary results for the year to 31 July on 15 October.
It says in a statement that since its last update on 11 April, trading “has been encouraging, such that the board now anticipates that the underlying profit for the year to 31 July 2013 will be slightly ahead of its previous expectations”.
Savile Group
A trading update from the HR and recruiting group announces that, “as stated in its interim report, the performance of the Group improved in the second half of the financial year resulting in it trading profitably in H2 [the six months ending 30 June]”.
Global recruiters CTPartners, Kelly Services and Adecco respectively saw revenues rise, remain stable and decline in the second quarter of 2013, while positive noises come out of UK-based recruitment groups Matchtech and Savile in trading updates.
Adecco
The recruitment giant’s second-quarter performance saw revenues drop 3% organically, although an increase in gross margin meant operating income and net income rose by more than 10% to €190m ((£163.6bn) and €126m respectively..
Revenues of €4.9bn included 12% decline in France, the firm’s biggest market making up a quarter of total revenue, while North America, emerging markets and the UK & Ireland, respectively, the second, third and fourth biggest regions, saw growth of 3%, 8% and 4% apiece. UK & Ireland thus continues to buck a Europe-wide declining trend at the firm.
Patrick De Maeseneire, the firm’s chief executive officer, says: “We delivered a strong performance in the second quarter. Labour markets are starting to stabilise around Europe and we see some more positive signs in our business.”
The quarter also saw the firm, alongside Manpower and Randstad, investigated by the French Competition Authority.
CTPartners
Global revenue rose by 1% year-on-year to $34.2m (£22.05m) in the quarter at the exec search firm, with the company noting a strong performance from Augmentum, the UK recruiter it acquired in May.
However, results available online show that the firm made a net loss of $324k, the same as in Q2 2012, although net losses for the first six months of the year are almost three times higher at $2.4m than in the first half of 2012.
http://investor.ctnet.com/phoenix.zhtml?c=238883&p=irol-newsArticle&ID=1845825&highlight=
While its financial services practice, by some way the company’s biggest division, saw substantial revenue decline, significant growth was seen across all other areas apart from consumer/retail.
Kelly Services
Kelly saw a marginal rise of 0.1% in global revenues in Q2 2013, with the company's results, available via its website, which evidences the emergence of Mexico as a major market for the group.
It made $35.9m (£23.2m) or 3% of group-wide revenues in Mexico in Q2, a rise of 27.9% on the figure for the same period in 2012 when adjusted for fluctuations in currency.
Russia is the only other country to see currency-adjusted revenue growth above 10% for the period, at 11.2%. In the first six months of 2013, Mexico’s 22.4% revenue growth was the only geography in the company above 10%.
Group-wide gross profit dropped 1.1% currency-adjusted to $220.7m for Q2, while earnings from operations excluding various one-off costs were $18.9m for the quarter, compared with $21.6 million last year.
Matchtech Group
The technical and professional recruiter will release preliminary results for the year to 31 July on 15 October.
It says in a statement that since its last update on 11 April, trading “has been encouraging, such that the board now anticipates that the underlying profit for the year to 31 July 2013 will be slightly ahead of its previous expectations”.
Savile Group
A trading update from the HR and recruiting group announces that, “as stated in its interim report, the performance of the Group improved in the second half of the financial year resulting in it trading profitably in H2 [the six months ending 30 June]”.
