USG PEOPLE : First-quarter results 2014 USG People N.V.

Sharp improvement in profitability driven by higher revenue and lower costs

Positive trend continues

Almere, 2 May 2014

First-quarter 2014 highlights

• Revenue rose 4% to € 542.8 million (Q1 2013: € 524.4 million); revenue grew in all core countries; revenue in the Netherlands increased by 5.5%
• Operating expenses continued to decline, falling 5% to € 98.3 million (Q1 2013 underlying operating expenses: € 103.2 million)
• EBITA rose to € 14.7 million (Q1 2013: € 6.4 million); profitability improved in all core countries
• Net result rose to € 6.8 million (Q1 2013 underlying net result: € -2.1 million)

"In line with the outlook we issued previously, revenue and profit growth continued to improve in the first quarter," said Rob Zandbergen, CEO of USG People. "In the core countries both revenue and profitability improved on the back of our reinforced commercial focus combined with our lower cost base. The strategic initiatives and organisational improvements of recent years have considerably increased our operating leverage, with revenue growth of 4% producing a 130% increase in EBITA in the first quarter. We expect the recovery in our markets to continue. Each brand's clear and distinguishing focus increases our ability to deliver innovative solutions to our clients and thus realise further revenue and profit growth."

The full press release including appendices is enclosed as PDF.