(Reuters) -Randstad, the world’s biggest staffing company, on Tuesday reported better-than-expected third-quarter core earnings, despite a soft jobs market marked by less appetite for hiring.
Underlying earnings before interest, tax and amortisation (EBITA) fell 17% year-on-year to 273 million euros ($291.5 million), but beat the 258 million expected by analysts in a company-provided poll.
Finance chief Jorge Vazquez said in an interview that the profit beat was helped by good management of operating expenses and pricing initiatives.
Randstad nonetheless flagged a continued slowdown in the jobs market, echoing similar downbeat statements from peers including Britain’s PageGroup plc, Hays PLC and U.S.-listed ManpowerGroup.
“Unemployment has been I would say creeping up by 10-20 basis points in some countries, the number of vacancies has come down,” said chief executive Sander van‘t Noordende in an interview.
Randstad said in a statement that Europe, Latin America, Asia-Pacific were its better performing regions while North America, where revenue dropped 16% year-on-year, saw more challenges.
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(Reporting by Olivier Sorgho; Editing by Christian Schmollinger, Kirsten Donovan)
