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.