Recruitment giant Kelly Services has announced revenue fell 0.8% for the third quarter of 2016.

The results, published late yesterday, reveal Q3 revenue of $1.2bn (£970m), a 7.6% decrease and 7.1% down on a constant currency basis compared to the corresponding quarter of 2015.

During Q3 2016, Kelly and Japan-based staffing giant Temp Holdings expanded their existing joint venture to include all of Asia Pacific (APAC), resulting in a gain of $87.2m for Kelly. Kelly retains a 49% ownership interest in the newly-formed joint venture. Excluding the APAC staffing operations from Q3 2015, adjusted 2016 Q3 revenue was down 0.7% year-over-year (a 0.1% decrease on a constant currency basis).

Earnings from operations for Q3 2016 totalled $18.8m compared to $16.6m reported for Q3 2015. Excluding the APAC staffing operations from Q3 2015, adjusted earnings from operations were $14.5m meaning Kelly's Q3 2016 earnings increased 29% year-over-year on an adjusted basis.

Carl T Camden, Kelly president and chief executive, said: "Sorting through the financial complexity around the JV transaction, Kelly's third quarter performance reflects good operating leverage on basically flat revenue.

“We increased our gross profit rate, reduced expenses, and turned in healthy operating earnings and solid returns for our shareholders.

“With the APAC JV now firmly in place, we are operating as a more focused, disciplined company relentlessly committed to profitability."

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