Randstad falls to 1-1/2 low after Q1 core profit miss

Randstad NV

23/04/2024 08:43

** Shares in Randstad  RAND.AS  fall around 6% to their
lowest since mid-October 2022 after the recruitment agency
missed expectations for its first-quarter core profit
    ** The group's quarterly underlying earnings before
interest, tax and amortisation (EBITA) fell 33% organically from
a year earlier to 177 million euros ($188.42 million), below the
181 million euros expected by analysts
    ** KBC says it is an "expected continuation of the
challenging market environment", predicting the second-quarter
"to remain challenging"
    ** "If the stack holds, organic the second-quarter revenue
"will be -7% below consensus (-5.2%)," Jefferies warns
    ** However, KBC adds that it expects Randstad to return in
the third-quarter to "a growth trajectory", as the macro
environment is expected to improve
    ** The stock is at the bottom of the Dutch stock market
index  .AEX , and is on track for its worst day since end
September 2022 if losses persist 
($1 = 0.9394 euros)

 (Reporting by Lina Golovnya)
 ((Lina.Golovnya@thomsonreuters.com;))