Q2 2019: solid performance in uncertain macroeconomic conditions.
23/07/2019 07:15 (UTC+01:00)
Q2 2019 organic growth: -1.7%
Q2 2019 underlying EBITA: 277m
Q2 2019 EBITA margin: 4.7%
topline growth in Europe impacted by uncertain macroeconomy; US trends fairly stable, strong growth in Rest of the world
gross margin 20.0%, up 20bp YoY; continued management focus on pricing, supported by digital tools
Q2 2019 EBITA margin down 10bp YoY to 4.7%; selective investments in growth areas
ongoing market share gains in several countries; bolt-on M&A strengthens strategic ambition in Professionals
successful worldwide cloud migration and front-office implementation in Germany and Japan
June organic sales growth in line with Q2; volumes in early July indicate a continuation of the trend
We delivered solid Q2 2019 results, as robust gross margins and balanced cost management offset ongoing challenging macroeconomic conditions in Europe." says CEO Jacques van den Broek. "Our organic revenue growth turned slightly negative, reflecting slowing market growth in particularly Germany, the Netherlands and Belgium, mainly related to weakness in automotive-related industries. We continued to gain market share in several countries, while maintaining strong pricing discipline. Our sound regional diversification continued to pay off, as Asia Pacific and the Latin America region delivered significant contributions to our growth and profitability. Furthermore, our digital strategy progressed well, reflected by a successful worldwide cloud migration and implementation of a new front-office system in Germany and Japan. These new systems enable our sales and recruiting colleagues to focus even more on the human touch."
"On a different note there was good news not only for Randstad but for the whole private employment sector. It is great to see that we are widely recognized to stimulate an inclusive and well regulated labor market by the centenary declaration of the International Labour Organisation (ILO) toward a human centered future of work. This is fully aligned with our values, principles, and in particular our Human Forward promise."