We have just published our third quarter results 2020. 

Here are the highlights from the press release:

  • Q3 2020 organic growth: -13.1%
  • Q3 2020 underlying EBITA: € 199m
  • Q3 2020 EBITA margin: 3.9%
  • significant recovery of revenue decline across the group; resilient operating performance in North America and Rest of world.
  • gross margin 18.9%, down 120bp YoY by mix effects; temp margin down 30bp (Q2: down 60bp), stable pricing climate.
  • EBITA margin of 3.9%; recovery ratio of 53% utilizing the flexibility of our cost base.
  • global market leadership strengthened by resilient and diversified portfolio; #newways initiative driving competitive growth.
  • robust Q3 free cash flow (incl. CICE sale) € 494m
  • September organic sales growth down 11%; volumes in early October indicate further positive momentum.

"The third quarter has been a memorable one in many ways,” says CEO Jacques van den Broek. “We continue to live in very challenging times given COVID-19, with as key priority the health and safety of our employees, candidates, clients and other stakeholders. Randstad feels a strong social responsibility: we ensured the safe and healthy return to the workplace of 140,000 people losing their jobs since the start of the global health crisis.
Our Q3 results again demonstrate the strong operational agility of our highly experienced management teams, while underpinning the resilience of our diversified portfolio and free cash flow generation. Trading conditions gradually recovered during Q3 in most of our geographies and positive momentum continued in the first weeks of October. At the same time, visibility remains limited with ongoing macroeconomic uncertainty and recent signs of partial lockdowns again. I would like to thank all my Randstad colleagues globally for their continued commitment, flexibility and attention to each other and dedication to the business.
In these unprecedented times we also celebrated our 60th anniversary last month. 60 years ago, our founder Frits Goldschmeding started our company in Amsterdam, which has since grown to become the largest HR services provider in the world. We believe that Randstad is in an excellent position to further strengthen its global market leadership, fueled by our growth initiative #newways. With this position comes responsibility, so we remain committed to finding jobs for as many talents as possible in the coming months, with or without reskilling, in the same or in different jobs.”