Dutch staffing company Randstad, also active in Belgium, has reported weaker results in the second quarter, including a significant drop in profits.
The company continues to feel the effects of a cooling labour market in various countries. The weaker economy has led businesses to become more cautious in hiring temporary staff, impacting Randstad’s performance.
Revenue dropped by 5% in April, May, and June compared to the same period last year, totalling nearly €5.8 billion. Net profit plummeted by 40% to €47 million.
CEO Sander van ‘t Noordende highlighted that some important markets showed improvement compared to the first quarter. He also stated that Randstad is striving to reduce costs to safeguard the company’s profitability. Additionally, the company has announced that Van ‘t Noordende has been nominated for a second term as CEO.
Revenue declined in many countries during the second quarter. Germany saw a 10% decrease in revenue, North America experienced a 9% drop, and France faced a 7% decline. In the Netherlands, however, the fall was more contained at 3%.
