MANAGEMENT OUTLOOK
Revenue growth remained steady throughout the first quarter of 2011, with March up 17% adjusted for business
days, despite an increasingly higher base. Growth in April was a touch lower, of course due to the comparison
with a much higher base. Our close dialogue with clients worldwide strengthens our confidence in continued
good demand in the coming months, as flexibility remains at the forefront of our clients’ priorities.
Especially in today’s environment, with moderate GDP growth in most economies, the ability to react to sudden
changes in demand, through flexible labour and lower inventory levels, is seen as an advantage by many of our
clients. We believe that we will continue to witness a jobless recovery through most of 2011 and consequently
foresee unemployment rates remaining at high levels. Management remains confident that this environment
offers attractive growth opportunities. We will continue to exploit these opportunities while keeping a tight grip on
costs and working hard to improve pricing as demand remains firm.
With the Spring Group integration successfully completed, and MPS running ahead of schedule both in terms of
the integration progress and also of the achieved synergies, we are confident that we will reap the benefits of
these acquired businesses. Furthermore, with the growth and profitability levels achieved to date, we are well on
track to reach the mid-term EBITA margin target of over 5.5%.