Here are the highlights from the press release:
- Q1 2021 organic growth: 6.4%
- Q1 2021 underlying EBITA: € 202m
- Q1 2021 EBITA margin: 3.7%
- continued sequential revenue improvement; strong recovery in Europe and US, robust growth in Rest of the world.
- Q1 gross margin of 19.2%, down 20bp YoY due to mix effects; stable pricing climate.
- Q1 2021 EBITA margin up 70bp YoY. L4Q recovery ratio of 51%. Strong operational agility and investing in growth.
- global market leadership supported by diversified portfolio; inhouse concept continued to perform strongly.
- ongoing market share gains in the US and France.
- revenues in March reaching 2019 levels; volumes in early April indicate a continuation of the trend.
We have had a solid start to 2021 and we are now stronger and well-positioned for a truly dynamic world of work,” says CEO Jacques van den Broek. “We generated a strong set of results in the first quarter and saw positive momentum across all of our geographies, outperforming in the US and France, despite local lockdowns and macro-economic uncertainty. We exited the quarter with double-digit revenue growth, with activity momentum in April 2021 reaching 2019 levels. We continued to invest in growth and welcomed over 1,000 new colleagues, whilst markedly improving our productivity, delivering a solid EBITA margin for the quarter.
Our #newways program continued to help clients operate safely and efficiently and our digital marketing capabilities ensured that we were there at the right moment and with the relevant knowledge. As markets gradually reopen and people start returning to the workplace, we are ready to support our clients as they adapt to the rapidly evolving global economy. We continue to be grateful for the resilience and trust demonstrated by our colleagues, and all our stakeholders, during these uncertain times.
The strength of our performance in the first quarter gives us confidence for the remainder of 2021 while exercising caution as pandemic-related instabilities and limited visibility remain. The positive trends seen in March and April, along with our continued strategic investments, position us well to accelerate growth as the global economy recovers.