"Given the unprecedented Covid-19 situation, Randstad's first priority is the health and safety of our employees, candidates, clients and other stakeholders," says CEO Jacques van den Broek. "I would also like to take this opportunity to thank my Randstad colleagues for their incredible commitment and dedication with which they are responding to these difficult times. Today, all our colleagues around the world are in remote daily contact with their clients and candidates, underpinning our state-of-the-art digital infrastructure."
"Trading conditions in the first quarter were initially in line with our expectations, with organic revenues per working day down by 3%-4% until the first half of March. Since then, the rapidly escalating impact of Covid-19 has driven an unprecedented deceleration in business activity. With Europe and the Americas recently following much of the Asia Pacific region into various stages of lockdown, we expect Q2 2020 to be more challenging with very limited visibility. We have instantly halted all non-essential spending, withdrawn or adjusted cash bonus schemes of senior management for 2020 in a large number of countries. Together with widespread governmental schemes, for which we are very grateful, this should drive our recovery ratio towards 50% going forward. The Executive Board will also not receive a cash bonus for 2020. Randstad has a strong liquidity and solvency position, and an experienced management team who have navigated the business through various international crises before. Randstad can rely on its 60-year track record as a company with high operational flexibility. On April 16, we launched the 'safely back to work alliance' initiated with Adecco and Manpower. We are convinced that, as an industry, we can contribute together with governments, employers, and trade unions to the safe and healthy return of people to the workplace."
