Manpower temporary employment service achieved less revenue and profit last quarter than the same period last year. According to the company, which has been struggling with difficult market conditions for some time, there was a stabilizing trend in some important European markets.
The competitor of Randstad closed the first three months of 2019 with a turnover of 5 billion dollars, almost 9 percent less than a year earlier. This means that the decrease is slightly less strong than analysts had predicted.
Revenues fell most sharply in the Northern European activities, which also includes the Netherlands, with a drop of more than 16 percent. In addition to difficult market conditions, the company also suffered from unfavorable exchange rates, something that will probably continue to play for the time being. Furthermore, restructuring costs reduced the result. Net profit fell by nearly 45 percent to $ 53.5 million.