(Reuters) -Randstad, the world’s largest employment agency, reported a quarterly core profit above market expectations on Wednesday, citing its resilient business model and robust underlying performance in difficult market conditions. Financial and political upheaval in markets such as France, Germany and Britain has led employers to limit hiring and discouraged people from changing jobs. That, […]
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Randstad posts Q4 core profit beat in tough market environment
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(Reuters) -Randstad, the world’s largest employment agency, reported a quarterly core profit above market expectations on Wednesday, citing its resilient business model and robust underlying performance in difficult market conditions.
Financial and political upheaval in markets such as France, Germany and Britain has led employers to limit hiring and discouraged people from changing jobs. That, coupled with lower unemployment levels, has caused recruiters to put out gloomy forecasts and profit warnings in recent weeks.
Randstad’s earnings before interest, taxes and amortization (EBITA) before one-offs was 200 million euros ($207 million) in the fourth quarter of 2024, above the 194 million expected by analysts on average in a company-provided consensus.
However, its net result swung to a loss of 149 million euros in the quarter, hit by a goodwill impairment of 121 million euros related to the Sweden and Enterprise United Kingdom operating segments.
A fair value adjustment and impairments on its loans and financial commitments cost the group additional 139 million euros in the quarter, it said.
Randstad proposed a dividend of 1.62 euros per share to be paid for 2024.
($1 = 0.9654 euros)
(Reporting by Michal Aleksandrowicz in Gdansk; Editing by Milla Nissi)