(The Hague) Dutch temporary employment group Randstad posted a 26% drop in net profit in the first quarter, marked by “difficult macroeconomic conditions”, it said in a statement on Tuesday.
This net profit was 154 million euros, against 209 million in the first quarter of last year, the group said.
Turnover fell by 2%, totaling 6.52 billion euros in the first quarter, against 6.62 billion over the same period of 2022.
Growth slowed in many of the group’s markets. Sales fell by 11% in the United States and the Netherlands, by 7% in Canada and by 1% in France. Randstad nevertheless welcomed growth in Germany (1%) and Asia Pacific (4%).
The group reported an increase in its operating expenses, notably reflecting restructuring in a few countries.
“I am pleased with the performance we delivered in the first quarter against the backdrop of continued challenging macroeconomic conditions in our markets,” Randstad CEO Sander van’t Noordende said in the statement.
Regarding its outlook, the group notes that “the prevailing trend of labor shortages persists” in its markets and says it has “confidence” in its strategy to be a “partner of choice for talent and customers “.
Founded in 1960 in the Netherlands, Randstad employs around 46,000 people in around 40 countries around the world.