USG People NV : Q1 2016 results

29 april 2016

positive trend continues
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Almere, 29 April 2016

FIRST-QUARTER 2016 HIGHLIGHTS

• Revenue rose 13.2% to € 646.1 million (Q1 2015: € 570.7 million); revenue per working day up 13.4%
• Growth in revenue per working day in the Netherlands accelerated to 17.2% (growth in Q4 2015: 13.2%)
• Underlying expense ratio improved to 15.7% (Q1 2015: 17.6%)
• Underlying EBITA grew 8.9% to € 18.4 million (Q1 2015: € 16.9 million)
• Underlying net income increased 26.4% to € 11.5 million (Q1 2015: € 9.1 million)

"Our growth trend continued unabated in the first quarter," said Rob Zandbergen, CEO of USG People. "Our revenue increased by 13%. Growth continued to strengthen, particularly in the markets that are most important to us, i.e. the Netherlands and Belgium, where we amply outperformed the market. In France we were also able to maintain our edge in the market. Growth in Germany was in line with the market, where growth is slower than in the other regions. Much of the growth came from our volume clients who are expanding their capacity and structuring it more flexibly, enabling us to keep the costs virtually stable amid high growth. Despite the impact of the early Easter weekend, which fell in the first quarter this year, we were able to further improve our results. We achieved an incremental conversion rate of 56% on the gross margin and EBITA, while net income increased by 26%. The focus for the coming quarters will also be on accelerating revenue growth in the SME segment. "

key figures

Underlying results 1	3 months ended 31 March
In millions of euros	2016	2015	Growth
Revenue	646.1	570.7	13.2%
Gross result	123.6	120.9	2.2%
Operating expenses	101.4	100.3	1.1%
EBITDA	22.2	20.6	7.8%
EBITA	18.4	16.9	8.9%
Net income	11.5	9.1	26.4%
Gross margin	19.1%	21.2%
Expense ratio	15.7%	17.6%
EBITDA margin	3.4%	3.6%
EBITA margin	2.8%	3.0%

       

1. Underlying results have been adjusted for non-recurring costs.

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