First-quarter revenue at Randstad Holding NV rose 6% on an organic basis, which excludes the impact of currency, acquisitions and divestitures and adjusts for working days. European markets fueled the growth, with revenue up 23% on an organic basis in Italy and up 10% on an organic basis in Belgium & Luxembourg.

Revenue edged up 1% on an organic basis in both North America, Randstad’s largest market and in the Netherlands, its second-largest market.

The company also began a new reporting segment called “Global Businesses” that includes Monster; outplacement provider RiseSmart, European freelance marketplace twago; and Randstad Sourceright, which includes recruitment process outsourcing and managed service provider solutions. Global Business revenue rose 16% on an organic basis in the first quarter to €299.8 million (US$321.9 million). Randstad reported the revenue increase was mostly driven by Randstad Sourceright; Monster sales growth fell 16%, in line with the fourth quarter.

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“We started the year on a positive note, achieving sound organic sales growth and an acceleration in perm placement growth,” said CEO Jacques van den Broek. “Momentum in Europe remained favorable and our North American business continues to grow. We are satisfied with the progress of our recent acquisitions and remain very excited about their future contribution to the group. I would like to welcome our new colleagues who joined Randstad through the finalization of the acquisitions of Ausy and BMC. Meanwhile, we are taking the next steps in our digital strategy to enhance the implementation of technology in many of our processes. This enables us to offer clients and candidates tailor-made, data-driven insights and to focus on where we are at our best: making the personal connection.”

Revenue by geography

Growth rates below are organic:

North America

• Revenue rose 1% and perm fees rose 6%. Combined US businesses were flat. US staffing/inhouse rose 2% and US professionals revenue fell 2%. In Canada, revenue rose 6%.

Netherlands

• Revenue rose 1% and overall perm fee growth was 45%. Staffing and inhouse businesses rose 2%, with growth impacted by price pressure. Professionals business fell by 3%.

France

• Revenue rose 9%. Perm fee growth accelerated to 37%. Staffing and inhouse revenue rose by 8%. Professionals business was up 17%, again driven by Expectra and healthcare.

Germany

• Revenue per working day rose 9%, ahead of the market. Combined Staffing and inhouse business rose 8% while professionals was up 11%.

Belgium & Luxembourg

• Revenue rose 10%. Staffing/inhouse business rose 10% while the professionals business was up 11%.

Iberia

• Revenue rose 8% with staffing/inhouse combined growing 8%. Spain was up 9% with Spanish permanent placement up 24%. In Portugal, revenue rose 6%.

Italy

• Revenue per working day in Italy — pro forma, including Obiettivo Lavoro — rose 23% year over year. The integration of Obiettivo Lavoro is progressing, the company said.

Other European countries

• Across “other European countries,” revenue per working day grew by 5%. In the UK, revenue fell 4% while perm fee dropped by 6%. In the Nordics, revenue rose 4% while the Proffice integration is well on track. Revenue in Randstad’s Swiss business rose 21%. In Poland, sales growth came in at 9%.

Rest of the world

• Overall revenue in the “rest of the world” region rose 9% organically. In Japan, revenue rose 7%. Revenue rose 12% in Australia/New Zealand 17% in China. Business in India grew 2% while in Latin America revenue rose 12%, driven by Argentina.

Revenue by business line

Share price and market cap

Shares in Randstad fell 1.53% to €55.33. The company had a market cap of €10.11 billion (US$10.85 billion), according to Yahoo.