"We further improved our margin and strong free cash flow conversion in Q3", says CEO Jacques van den Broek. "Our organic sales growth was 3%, reflecting accelerating sales growth in North America and rest of the world, but slowing activity in Europe in line with recent macro trends. Supported by strong cost management, we were able to deliver ongoing sound shareholder returns. At the same time we continue to invest in the future of our company by scaling up our digital initiatives around the world. The roll-out of workforce scheduling, data-driven sales and talent engagement now spans over 25 countries. These initiatives benefit both clients and talents with improved services and communication and foster great excitement in our company and with our consultants. This is how we contribute to our ultimate goal: touching the work lives of 500 million people worldwide by 2030."

highlights:

  • organic revenue growth +2.7%
  • underlying EBITA € 299m
  • EBITA margin 5.0%
  • topline accelerating in North America and Rest of the world, slowing in Europe
  • gross margin 19.8%; pricing climate stable; perm fees up 13%
  • underlying EBITA of € 299 million; EBITA margin 5.0%, + 10bp YoY
  • organic opex up 1% (Q2 2018: up 2%); L4Q ICR around 50%
  • FCF up 24% YoY to € 220m
  • topline trends September and early October in line with Q3