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July 24, 2018, 2:12 a.m. EDT

Randstad profit jumps 27% as revenue growth soars

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By Adria Calatayud

Randstad NV (RAND.AE) said Tuesday that net profit jumped 27% in the second quarter on organic revenue growth that slowed from the previous quarter to 5%.

Net profit for the quarter ended June 30 was 193 million euros ($226.1 million) compared with EUR152 million in the year-earlier period, the company said. Adjusted net profit--excluding amortization, impairments and one-off costs--was EUR223 million in the quarter, up 23% from a year earlier.

Underlying earnings before interest, taxes and amortization--the company's preferred profit measure--rose 8% to EUR283 million euros during the quarter from a year earlier, the Dutch recruitment company said.

Quarterly revenue was EUR6.02 billion, up 2.7% from the second quarter of 2017, Randstad said. Sales grew 5% on an organic basis. This compares with an organic growth of 7.4% in the previous quarter and of 9.3% in the year-earlier period.

Analysts expected Randstad to deliver a net profit before amortization and one-off charges of EUR200 million on revenue of EUR6.05 billion, according to a consensus provided by the company.

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