Dutch recruiter Randstad slightly misses Q2 estimates on subdued hiring activity (updated)

Randstad NV

23/07/2024 06:36

(Adds CEO quote, outlook, background)
       July 23 (Reuters) - Randstad  RAND.AS , the world's
biggest employment agency, reported on Tuesday second-quarter
core earnings that slightly missed expectations, as weak
activity persisted in the hiring market across many of its
geographies.
    The Dutch company's underlying earnings before interest, tax
and amortisation (EBITA) fell 34% year-on-year to 181 million
euros ($197.09 million), below the 187 million euros expected on
average by analysts in a company-provided poll.
    The results continue the difficult trend of the last few
quarters for recruiters, as workers avoid switching jobs and
companies take longer to fill vacant positions.
    "We remain focused on reducing indirect costs, while
carefully balancing the deployment of our field capacity," CEO
Sander van't Noordende said in a statement
    Randstad said it expects its third-quarter gross margin to
be modestly higher sequentially. Its underlying EBITA margin
came in at 3% compared to 4.2% in the year-earlier period.
    It added that the first weeks of July saw stable volume
compared to the previous quarter and that the firm should
benefit from easier comparables in the July-October period.

 (Reporting by Enrico Sciacovelli; Editing by Christopher
Cushing)
 ((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))