Groupe Crit Q3 temporary staffing revenue rises 13.6%; reports mixed quarter in US

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October 20, 2021

Groupe Crit, a Paris-based staffing provider, reported revenue from temporary staffing rose 13.6% year over year in the third quarter to €459.2 million (US$534.6 million) on an organic basis when adjusted for the impact of currencies.

International staffing revenue rose 10.6% on an organic and currency-adjusted basis to €111.3 million (US$129.6 million). In the US, where the company owns Peoplelink Staffing, the quarter was mixed, according to Groupe Crit. Conditions in the auto industry and persistent skills shortages weighed on growth. On the other hand, the company noted its business on the Iberian Peninsula — which is included in the company’s international revenue — performed above pre-Covid levels.

French staffing revenue rose 14.6% on an organic and currency-adjusted basis to €347.9 million (US$405.0 million). Groupe Crit reported growth was driven by demand in logistics, commerce and the agri-food industry. However, it noted activity is still down 13.1% when compared to 2019.

Group Crit noted that recovery from Covid-19 is still in the early stages in some industries such as aviation and hospitality. The rebound expected in these sectors is expected to support growth in the coming quarters.

In addition to staffing, Groupe Crit also provides services at airports. It noted revenue was up 47.6% in this nonstaffing business on an organic, constant currency basis.

Total revenue at Groupe Crit rose 17.1% to €533.9 million (US$621.6 million).

Share price and market cap

Shares in Groupe Crit closed down 1.55% to €69.90 (US$81.38) in France today; shares were 8.39% below their 52-week high, according to FT.com. The company had a market cap of €798.8 million (US$929.9).

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