ManpowerGroup 2013 Annual Report Download - page 15

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Letter to Investors ManpowerGroup 2013 Annual Report 13
Our operations in Spain also deserve recognition. Despite challenging market
conditions, they worked hard and showed tenacity, yielding great results. After
experiencing revenue contraction in the first half of the year, they ended the year
strong, with 15% organic revenue growth in the fourth quarter in constant currency,
and a 62% jump in profitability for the year, excluding restructuring charges.
In the U.S., profits grew by 40%, excluding restructuring charges and 2012 legal
costs. While revenues were slightly off market, we are well-positioned for more
growth, which we’ve already seen inklings of in early 2014. We expect more to come.
OUR BRANDS
With flexibility and agility in increasingly high demand, Manpower remains our calling
card and the centerpiece for solving many of our clients’ challenges. With 65 years
of history behind it, Manpower is our most trusted and well-known brand, putting
more than 600,000 people on assignment each day, for businesses of all sizes,
across 80 countries and territories. It has a presence in all of our markets, from
the most mature to those just opened.
In 2013, we also introduced a multi-channel sales and delivery model for our services,
designed to meet our clients’ evolving needs. It maximizes our branch structure
through consolidation, where appropriate, and leverages centralized recruiting hubs
and virtual recruiting, all aided by technology. This market-focused delivery model
will fuel Manpower’s growth as it’s adopted more broadly in 2014. It will also likely
increase demand for services like talent mapping, where we use our extensive
knowledge of local markets and data to help clients more efficiently find, recruit,
train and sustain talent.
Net Earnings*
In Millions ($)
’13’12’11’10’09
0
100
200
300
400
*Excludes Non-Recurring Items as discussed further on the financial highlights page.
Operating Profit*
In Millions ($)
’13’12’11’10’09
0
200
400
600
800
*Excludes Non-Recurring Items as discussed further on the financial highlights page.