Randstad’s Q1 results were largely in line with consensus estimates on revenues and marginally above them on profitability. Revenues were impacted by lower demand in key geographies, whereas profitability was helped by better gross margins and control over opex spending. CFO and FCF grew due to decent working capital management. For Q2 23, the group expects the gross margin and opex to be broadly in line sequentially. The trends seen in early April were similar to those seen in the Q1.
