(Adds CFO quotes on Ukraine crisis, share price, analyst
By Anthony Deutsch
July 31 Employment services group Randstad
Holding reported second-quarter profits in line with
forecasts on Thursday and said economic growth was not picking
up steam quickly partly due to uncertainty over the Ukraine
"We would have liked to see things pick up with a bit more
momentum," Randstad chief financial officer, Robert Jan van de
Kraats, said in an interview.
With the Ukraine crisis dominating global sentiment, Van de
Kraats said, "The normal pattern of growth is rising, but it is
growing slowly and that is a reflection of doubt, concern in the
Randstad, the world's second largest jobs company by sales
which operates in 40 countries, has no direct business in either
Russia or Ukraine. The CFO said the company did not experience a
negative impact on business in July.
"It may be that we'll see a tick in August. I think it's
likely to happen, but I don't think it will have a very
noticeable effect. The world is used to a lot of uncertainty."
July results were in line with the second quarter, he said.
"You don't see a big change there."
Randstad said group revenue increased 4 percent to 4.3
billion euros ($5.76 billion) in the three months to June 30,
while underlying earnings rose 19 percent to 174 million euros.
Revenue slipped marginally in core markets North America,
France and the Netherlands, which generate more than half of
Randstad said most European countries showed a continued
recovery in the last quarter, except for France and Germany,
which are slower to pick up.
"At this stage, we do not see an acceleration of growth, but
we are confident that the group's gradual recovery will
continue," the company said.
Analysts at ING said in a research note the results were
"exactly in line results for Q2 on all levels except for the
gross margin which was slightly better." ING analysts said the
revenue trend through the quarter was disappointing at 5.3
percent in April and 3.6 percent in June.
Randstad shares were down 3 percent in broadly flat
Source text: (bit.ly/1uJlJhn)
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($1 = 0.7464 Euros)
(Reporting by Anthony Deutsch; Editing by Subhranshu Sahu and