UPDATE 2-Randstad sees increased margin pressure, shrs fall

* Gross margin 19 pct in Q3 vs 20 pct in Q2

* Q3 underlying op. profit 93 mln euros vs expected 87 mln

* To decide in early 2010 on resuming dividend

* Shares down 2.7 pct vs 0.1 pct fall in sector index

(Adds CFO comment, asset manager comment, shares)

By Gilbert Kreijger

AMSTERDAM, Oct 29 (Reuters) - Dutch-based Randstad (RAND.AS), the world's second-largest staffing firm, is experiencing increased pressure on margins partly due to lower pricing, pushing its shares down on Thursday.

Randstad, whose results are followed next week by world leader Adecco (ADEN.VX), reported third-quarter results which were slightly better than analysts' forecasts but its shares touched a near three-month low, falling 2.4 percent to 26.08 euros by 0841 GMT.

"Margin pressure was bigger than expected. The market has not yet recovered. It is still a competitive market," said asset manager Jan Wilpshaar at Dresdner VPV.

The DJ European industrial goods and services index, which contains staffing firms, was virtually flat. Adecco shares fell 0.1 percent.

Randstad expected more margin pressure from cheaper client contracts but less than in previous periods, Randstad Chief Financial Officer Robert-Jan van de Kraats told Reuters.

Randstad's gross margin fell to 19 percent in the third quarter from 20 percent in the preceding three months and 21.1 percent in the fourth quarter last year.

"It is typical during this phase of the cycle that clients break open contracts and start renegotiating. But I have to say the pressure at which this happened has been strong," Van de Kraats said.

Staffing companies have suffered from the economic downturn because their clients have cut jobs, including positions filled by staffing agencies. U.S. rival Manpower (MAN.N), the world's number three staffing firm, and Dutch USG People (USGP.AS) have also seen gross margins fall. [ID:nLR246955] [ID:nN21478900]

Randstad would continue to cut costs by leaving vacancies open and shutting down branches to offset margin pressure, and it would take a 10 million euro restructuring charge in the fourth quarter, Van de Kraats said.

Earnings before interest, taxes, amortisation, integration costs and other extraordinary items (underlying EBITA) reached 93 million euros in the third quarter, compared with an average forecast of 87 million in a Reuters poll.

Quarterly sales were 3.18 billion euros, beating analysts' average forecast, and compared with 2.97 billion euros in the preceding quarter and 4.42 billion euros a year ago.

Randstad, which halted dividend payments in February to strengthen its balance sheet, will decide early next year about when to resume dividend, Van de Kraats said. (Additional reporting by Ingrid Wolfslag; Editing by David Holmes)