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Randstad: Strong Growth in North America, Gradual Slowdown in Europe

Randstad News Release (02/16/12)

Randstad Holding NV has reported a loss for the fourth quarter as it wrote down the value of recent acquisitions. The company says the U.S. job market is improving, but Europe is worsening. The company made a net loss of €16.5 million ($21.5 million), largely due to €180 million in charges and writedowns on the value of acquisitions it has made in the past five years. Sales increased 13% to €4.38 billion.

“The patterns in our markets are clearly diverging from previous recoveries,” says Ben Noteboom, chief executive officer of Randstad. “The North American market is getting more robust, while the European markets are gradually slowing down.” He adds that the company “will continue to develop our specialty and professionals businesses and accelerate growth in permanent placements. We believe we are well positioned to grasp the opportunities in 2012.”