MANPOWER RESULTS

ManpowerGroup have announced their final quarter and year end results. The results show the company is recovering for previous set-back and has accounted for reorganisations within the group. 

Overall, net earnings in the quarter were $63.6 million compared to a net loss of $350.4 million a year earlier. Revenues for the fourth quarter totaled $5.5 billion, an increase of 5 per cent from the year earlier period, or an increase of 6 per cent in constant currency.

The company has including a reorganisation charge in the current year fourth quarter as a result of office consolidations and severance costs. These amounted to $20.5 million in total. 

Jeffrey A. Joerres, ManpowerGroup Chairman and CEO commented on the results: "We had a strong fourth quarter performance. The team executed well both operationally and strategically – we were able to achieve a 29 per cent increase in underlying operating profit for the fourth quarter and 61 per cent for the year, while substantially moving forward our strategic drivers.”

"Our Solutions business continued to gain momentum as our clients are valuing our portfolio of offerings,” continues Joerres. “Asia continued to lead the pack in revenue and profitability growth.”

For the year ended December 31, 2011 net earnings stood at $251.6 million compared to a loss of $263.6 million in 2010. Revenues were $22.0 billion, an increase of 17 per cent over the past 12 months.

Looking to the future Joerres said: "We are cautiously optimistic about the first quarter, given the economic back drop, but any sizable disruption in Europe would affect our performance.”