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Recruiter Randstad Q1 earnings beat estimates in tight labour market

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FILE PHOTO: Logo of personnel service provider Randstad is seen in Zurich
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AMSTERDAM (Reuters) -Recruitment firm Randstad on Tuesday beat analysts' expectations with a 42% jump in first-quarter core earnings to 286 million euros ($307 million), as companies across Europe and North America continued to scramble for workers.

Revenue in the first three months of 2022 was up 15% at 6.6 billion euros, with growth of at least 12% in all the company's American and European markets.

"Growth was broad-based across all geographies and segments. This was a near perfect quarter for us," said Chief Executive Officer Sander van 't Noordende.

The company said strong demand for workers had continued in April, with volumes comparable with those in the first three months of the year.

"We see a stable positive trend. The drivers for labour scarcity we believe will remain for the time being", Chief Financial Officer Henry Schirmer said.

Analysts in a company-compiled poll on average had predicted underlying earnings before interest, tax and amortisation (EBITA) of 265 million euros on revenue of 6.5 billion euros.

($1 = 0.9323 euros)

(Reporting by Bart Meijer; Editing by Tom Hogue and Sherry Jacob-Phillips)

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