Groupe Crit SA, a Paris-based staffing provider, reported fourth-quarter revenue rose 13.4% with growth in its French and US temporary staffing operations and in its airport services business. Growth was measured on an organic basis and adjusted for currency with total fourth-quarter revenue at €602.6 million (US$643.3 million).
Overall temp staffing revenue rose 6.0% year over year on an organic basis adjusted for trading days to a total of €492.3 million (US$525.5 million).
“This new quarterly increase reflects the quality of the group’s fundamentals in a market where supply continues to be marked by a shortage of talent and demand impacted by the effects of inflation, rising interest rates and geopolitical tensions,” according to Groupe Crit.
Temporary staffing revenue rose in France and the US but fell in Spain.
In the US, temporary staffing revenue rose 0.5% on an organic basis adjusted for trading days. Groupe Crit noted the US market, where it has Indiana-based Peoplelink, was characterized by a dynamic recruitment market. However, Spanish temporary staffing revenue fell 9.1% in the fourth quarter; while it was impacted by legislative reform at the beginning of the year, revenue in Spain exceeds pre-pandemic levels.
Total international staffing revenue at Groupe Crit — including the US and Spain — was €117.9 million (US$125.9 million).
In France, the company reported temporary staffing revenue rose 8.2% on an organic basis adjusted for trading days. Total French temporary staffing revenue was €374.4 million (US$399.7 million).
However, fourth-quarter revenue in Groupe Crit’s multiservices division, which includes airport services, rose 27.5% on an organic basis and when adjusted for currency. Revenue in the division totaled €117.6 million (US$125.5 million).
Share price and market cap
Shares in Groupe Crit reached a new 52-week high today in Paris when they reached €69.40 (US$75.60); they closed up 0.59% to €68.40 (US$74.51), according to FT.com. The company had a market cap of €765.0 million (US$833.4 million).