Management outlook
We anticipate continued progress from our global operations during the course of 2005 although the economic outlook remains uncertain.
The improvement in the French recruitment market experienced in the final quarter of 2004 is clearly encouraging after a period of stagnation. We estimate that the French recruitment market grew in volume by 1% in January, however, French employment indicators in 2005 are generally positive and pent up demand should lead to an improved market in the IT and engineering sectors as well as VediorBis’ industrial professionals, tertiary and construction divisions.
Vedior is experiencing growth in both the professional/executive and traditional parts of its business. We remain convinced of the merits of our strategy and are confident in the strength of our market position.
During the next twelve months, Vedior will benefit from the fact that it operates in an attractive industry, has a strong business model and a sound financial structure.
We will continue to seek improved operating efficiency while investing in new and profitable niche markets both organically and through acquisition.
The longer term prospects for our industry remain highly attractive given structural and demographic changes.
Amsterdam, 2 February 2005
Board of Management
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