Groupe Crit SA, a Paris-based staffing firm, reported third-quarter revenue rose 1.6% year over year on an organic, constant currency basis to €1.88 billion (US$1.99 billion). The increase was 6.2% on a reported basis.
All core businesses contributed to the third-quarter results. “It should also be noted that the group posted in this quarter, for the first time, a higher level of activity than in the same period of 2019 (€649.5 million), a benchmark year prior to Covid,” the company stated in a press release.
Third-quarter growth includes a 5.4% impact linked to the integration of the Swiss company OK Job, consolidated since Jan. 1. Due to this acquisition, international revenue now represents 26.7% of the group’s activity. At constant exchange rates, the group’s organic growth came to 1.6% over the same quarter (up 2.7% organic and trading days adjusted).
In temporary work (80.8% of total activity), revenue for the third quarter was €527.6 million, up 4.7% compared to the same quarter of the previous financial year; the increase was 0.4% on an organic, trading-day adjusted basis.
Groupe Crit’s international temporary staffing revenue rose 21.3% year over year to €146.3 million (US$159.2 million), which includes the acquisition of OK Job. On an organic, constant currency basis, which excludes OK Job, international temporary staffing revenue fell by 1.4%. US and Spanish revenue are included in international temporary staffing revenue.
In the US, where the company owns staffing firm Peoplelink Group, temporary staffing revenue fell by 2.7%, or €63.2 million (US$66.9 million), over the quarter, reflecting the end of major construction projects and the continuing slowdown in automobile industry due to strikes.
In Spain, with the effects of the legislative reform introduced by the government at the beginning of 2022 now integrated into the basis for comparison, revenue fell 1.9% on an organic, trading-day adjusted basis, or €33.6 million (US$35.5 million).
In France (72.3% of division activity), temporary staffing revenue for the quarter reached €381.3 million (US$403.5 million), up 1% organically, adjusted for trading days. Activity was driven by services, while industry remained behind.
Groupe Crit also has a multiservices division that provides services to airports, and revenue in that division rose by 11% on an organic and constant currency basis.
Share price
Shares in Groupe Crit closed down 0.64% to €62.00 (US$65.61) in Paris today; they were 7.27% above their 52-week low, according to FT.com.