Revenue falls 53% at international staffing firm Groupe Crit in Q2

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Second-quarter revenue fell 52.7% on an organic basis at international staffing firm Groupe Crit amid the Covid-19 pandemic. The Paris-based staffing provider reported revenue was hit particularly hard in April and May with declines of 64% and 56% respectively.

Groupe Crit provides both staffing services and airport assistance. In its staffing and recruitment division, the company noted revenue fell 31.7% on an organic basis in the first half of the year to €693.6 million (US$780.1 million).

(€ millions) 2020 2019 % change % organic change (US$ millions)
Q1 € 505.8 € 582.4 -13.2% -13.6% $568.9
Q2 € 308.3 € 650.0 -52.6% -52.7% $346.8
Total € 814.1 € 1,232.5 -33.9% -34.2% $915.6

International revenue fell 21.1% (down 22.4% at constant exchange rates) in the first half to €191.8 million (US$215.7 million), including a year-over-year decline of 34.3% in the second quarter. The company’s international operations include The Peoplelink Group, a staffing firm based in South Bend, Indiana.

In the US, revenue fell 25.7% (-27.5% at constant exchange rates) in the first half-year to €116 million (US$130.5 million), including a 40% decline in the second quarter. Spanish activities proved more resilient; revenue fell 21.1% in the second quarter and 11.8% for the half-year.

French staffing revenue fell by 34.7% in the first half to €501.7 million (US$564.3 million), including a 51.4% decline in Q2. The company reported a sharp decline in demand in the construction and automotive sectors, which accounted for a large share of the decrease in revenue.

The company is not releasing guidance at this time but noted a gradual recovery in activity at the end of the quarter.

Share price and market cap 

Shares in Groupe Crit were down 0.10% on Thursday to €49.30.