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Healthcare

BRIEF-Randstad Q1 Adjusted Net Income Down At 106 Million Euros

April 22 (Reuters) - RANDSTAD NV:

* Q1 2020 ORGANIC GROWTH -7.4%

* Q1 2020: RESILIENCY AMIDST COVID-19; MORE CHALLENGING Q2 AHEAD.

* Q1 2020 UNDERLYING EBITA EUR 162M

* Q1 2020 EBITA MARGIN 3.0%

* HAS A STRONG LIQUIDITY AND SOLVENCY POSITION

* 2019 DIVIDEND PROPOSAL WITHDRAWN DUE TO FOCUS ON CAPITAL PRESERVATION

* ON CORONAVIRUS: INTENSIFIED COUNTRY LOCKDOWN IN APRIL; AIMING FOR A RECOVERY RATIO OF 50% OVER TIME SUPPORTED BY COST MEASURES AND GOVERNMENTAL SCHEMES

* WE EXPECT Q2 2020 TO BE MORE CHALLENGING WITH VERY LIMITED VISIBILITY

* IN Q1 2020, ADJUSTED NET INCOME WAS DOWN 33% TO € 106 MILLION

* REVENUE DECREASED BY AROUND 30% IN THE SECOND HALF OF MARCH 2020.

* IN Q1, FREE CASH FLOW AMOUNTED TO NEGATIVE € 12 MILLION, BROADLY STABLE VERSUS Q1 2019 (NEGATIVE € 2 MILLION).

* IN THE FIRST WEEKS OF APRIL, COVID-19 RELATED LOCKDOWNS HAVE INTENSIFIED IN MOST OF OUR GEOGRAPHIES

* THERE WILL BE NO WORKING DAY IMPACT IN Q2 2020

* AGM WILL NOW BE HELD ON 18 JUNE 2020

* EXECUTIVE BOARD WILL ALSO NOT RECEIVE A CASH BONUS FOR 2020

* Q1 REVENUE OF € 5,414 MILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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