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Staffing firm Brunel - signs of market improving

Wed Nov 4, 2009 1:01pm IST
 
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* EBIT at high end of expectations, revenue beats

* Repeats 2009 forecasts

* Says signs of market improvement

AMSTERDAM, Nov 4 (Reuters) - Dutch staffing firm Brunel (BRUN.AS: Quote, Profile, Research) on Wednesday posted a third-quarter profit at the high end of analysts' expectations and said it saw signs of market conditions improving.

Brunel, which competes with larger Dutch rivals Randstad (RAND.AS: Quote, Profile, Research) and USG People (USGP.AS: Quote, Profile, Research) and Switzerland's Adecco (ADEN.VX: Quote, Profile, Research), reported earnings before interest and taxes of 11.8 million euros, down from 17.3 million euros a year ago.

Turnover rose to 196.3 million euros from 180.6 million euros in the third quarter of 2008.

Brunel was expected to report a third-quarter operating profit between 9 million and 12 million euros on revenue between 171 million and 182 million euros, a Reuters poll of three analysts showed.

"Although revenue in the staffing divisions has come down compared to 2008, the third quarter has shown indications that the market conditions are improving," Chief Executive Jan Arie van Barneveld said in a statement.

The company also repeated its 2009 outlook for turnover of about 725 million euros and EBIT of more than 44 million euros. (Reporting by Ben Berkowitz; Editing by Greg Mahlich)

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