The Dutch temporary employment group, Randstad, experienced a decline in both its turnover and profit in the year 2023. This is largely attributed to companies exercising more caution in their hiring practices due to a sluggish economy. This information was released on Tuesday during the presentation of the annual figures.
The group reported an 8 percent decrease in turnover, bringing their total down to 25.4 billion euros. The Belgium/Luxembourg region specifically saw a decline of 7 percent.
The EBITA profit figure, which is the profit calculated before taking into account interest, taxes, and depreciation, plummeted by 21 percent to 923 million euros. The net profit experienced a significant fall as well, dropping by a third on an annual basis to 624 million euros.
In their explanation for the annual figures, Randstad pointed to the still tight labor market. CEO Sander van ‘t Noordende stated, “The global macroeconomic environment remains uncertain and this influences the decision-making of clients and potential employees.” Despite these challenging market conditions, he mentioned that Randstad had managed to adapt effectively.