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Amsterdam, 26 July 2007
Strong Operational Performance Continues in Second Quarter
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Zach Miles, Vedior's Chief Executive, said: "These quarterly results are the best ever achieved in Q1, reflecting the progress we have made in implementing the Group's strategy and taking us closer towards our margin targets."
"We experienced strong growth in profits and sales within many of our traditional staffing markets. In addition, we have seen very good performances this quarter in a number of our professional/ executive sectors."
Q2 2007 REVIEW
Sales increased 10% with increases in all of our major markets. Gross profit was up 17% and operating income increased by 37%.
Demand for permanent placement increased during the quarter resulting in 28% organic improvement in placement fees with strong growth in France, the UK and the Netherlands. Perm Placement now represents 4% of group sales and 20% of gross profit.
On an adjusted basis, our gross margin improved to 19.9% from 18.5% and our operating margin was 4.8%.
Our conversion ratio increased to 24.2% from 20.3%.
HIGHLIGHTS FOR THE SECOND QUARTER
- 28% increase in permanent placement fees
- Increase in gross margin to 19.9%
- Improved operating efficiency
- Organic growth in operating income 37%
- Acquisition of specialist recruitment businesses in the US, UK and Australia
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