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27 April 2023
Groupe Crit SA, the French staffing firm, reported yesterday after markets closed first-quarter revenue rose 11.3% year over year to €583.0 million, including the impact of Swiss-based OK Job, which it acquired in December 2022. Groupe Crit’s year-over-year revenue increase was 6.4% on an organic, constant currency basis.
| (€ millions) | Q1 2023 | Q1 2022 | Change | Organic and Constant Currency |
| Revenue | 583.0 | 523.6 | 11.3% | 6.4% |
In France, business momentum is confirmed with quarterly revenue of €426.6 million, up 8.4%. International activities posted a 20.2% increase taking into account the integration of OK Job. At constant scope and exchange rates, International is ‘stable’ (0.3%).
The group added that all the business divisions contributed to the good performance for the quarter, in a contrasting economic context.
Within the temporary work segment (which comprised 82.3% of total activity in Q1), revenue for the first quarter came to €479.8 million, up by 9.3% (3.2% organically and at constant currency).
In France, temporary work turnover for the quarter reached €345.4 million, up by 6.3%. Service activities were driven by logistics, hotels-restaurants, and airport activities. In industry, in line with expectations, activity was supported by aeronautics and the recovery of the automotive sector.
Internationally, turnover for the quarter amounted to €134.4 million, up by 17.8%, linked to the integration of OK Job. At constant scope and exchange rates, business fell by 5.5%.
In the US, activity showed a limited decline of 3.2% with revenue of €63 million.
In Spain, the implementation of the labour reform at the beginning of 2022 continues to be felt with activity down by 12.1% over the whole quarter to €31.4 million. However, this is still higher than the level reached over the same period in 2019, before the pandemic.
Groupe Crit said revenue in Airport activities are progressing, amounting to €81.6 million, against €66.3 million in 2022, up by 24.1% at constant scope and exchange rates.
| (€ millions) | Q1 2023 | Q1 2022 | Change | Organic Change |
| Temporary Work | 479.8 | 439.1 | 9.3% | 3.2% |
| Multi-services | 109.1 | 90.2 | 21.0% | 21.8% |
Shares in Groupe Crit closed yesterday at €74.40, they were 1.59% below their 52-week high. The company had a market cap of €846.0 million.
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