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Oct. 21, 2020, 3:17 a.m. EDT

Randstad profit falls but revenue recovers

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By Adria Calatayud

Randstad NV said Wednesday that third-quarter net profit fell but revenue recovered partially from a hit caused by the coronavirus pandemic, and that volumes in early October indicate further positive momentum.

The Dutch recruitment company made a net profit of 105 million euros ($124.1 million) for the quarter compared with EUR140 million for the same period last year.

Underlying earnings before interest, taxes and amortization--the company's preferred metric, which strips out exceptional and other one-off items--was down by a third at EUR199 million for the quarter, exceeding analysts' expectations of EUR128 million, according to a consensus provided by the company.

Randstad's quarterly revenue declined to EUR5.17 billion from EUR6.01 billion. Organic revenue fell 13% on an organic basis, better than expectations of a 17% drop, according to a company-provided consensus.

"Trading conditions gradually recovered during 3Q in most of our geographies and positive momentum continued in the first weeks of October. At the same time, visibility remains limited with ongoing macroeconomic uncertainty and recent signs of partial lockdowns again," Chief Executive Jacques van den Broek said.

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