First-quarter revenue fell 14.1% organically at Groupe Crit (CEN: FP), the fourth-largest recruitment agency in France; the company cited the impact of Covid-19. The organic decline includes adjustments for currencies, acquisitions and divestments. The Paris cabinet has canceled its 2019 dividend which was to be proposed at its June general meeting.
|(In millions of euros)||Q1 2020||Q1 2019||% change||% organic change|
|Staffing and recruitment||€ 412.7||€ 477.8||-13.6%||-14.1%|
|Multi-services||€ 98.0||€ 110.0||-11.0%||-11.2%|
|Inter-segment||– € 4.9||– € 5.3||-9.7%||-9.7|
|Total||€ 505.8||€ 582.4||-13.2%||-13.6%|
With regard to staff income in France, the first quarter saw a decrease of 15.7% for a turnover of 302.8 million euros. Groupe Crit recorded a significant drop in turnover in the last two weeks of March, with activity in certain sectors ranging between 35% and 80%.
Sales of international staff fell 9.2% organically to 110 million euros in the first quarter. Its operations in the United States and Spain were both affected by the pandemic, with staff income in the United States falling 13.9% on an organic basis while Spanish income fell 1.8%.
Groupe Crit also provides unmanned services at airports; revenues from these operations decreased by 10.1%.
Stock market prices and market capitalization
Groupe Crit’s shares closed down 1.34% on Tuesday at € 51.70; the company had a market cap of € 589.50, according to FT.com.