Recruiter Randstad says talent still scarce, flags slight slowdown in October
Reuters
Published Oct 25, 2022 07:29
(Reuters) - Dutch staffing group Randstad said on Tuesday talent remained scarce in the third quarter, driving a 13% rise in its core earnings, but noted a slight slowdown in hiring since the start of October.
The recruitment industry, which has boomed after coronavirus-induced lockdowns came to an end, is set to face leaner times as companies slow down hiring and expansion plans to brace for a recession.
The number of employees working was down by 1% year-on-year in the third quarter, and in the first two weeks of October there was a "marginal slowdown" compared to last year, Chief Executive Officer Sander van't Noordende told Reuters.
Nevertheless, talent remained scarce with "more jobs than people looking for jobs in quite a few countries" including the United States, Germany and the Netherlands, he said.
The group's underlying earnings before interest, taxes and amortisation (EBITA) reached 336 million euros ($332 million) in the three months to the end of September, compared with 298 million a year earlier.
A poll of 12 analysts provided by the company had forecast an underlying EBITA of 309 million euros on average.
British peers PageGroup and Hays (LON:HAYS) also flagged slower hiring, notably in the United Kingdom and the United States, in their earnings releases last week.
($1 = 1.0124 euros)
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Written By: Reuters
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