5-6% EBITA margin within reach in 2016 (confirmation) assuming current growth trend and mix changes continue
Cost savings update On track to achieve €60-70M cost savings in 2015-16
In addition, IT expenses (10% of SG&A) should come down 20% over time
Ongoing benchmarking should drive costs down further

Current trading: October revenue growth 7.7% (vs. +5.4% in Q3)
Volume trend in November so far appears to be in line with October
All cash dividend proposed for 2015

Today, Randstad Holding nv hosts its Capital Markets Day in London. Jacques van den Broek (CEO) will kick off with how Randstad addresses the changing HR landscape in its strategic roadmap. An additional element on the roadmap is talent management, which combined with technology enables us to improve our client/candidate proposition. This should result in improved productivity and fill rates.

Robert Jan van de Kraats (CFO) will provide an update on our financial strategy and the path towards achieving our strategic targets. We reaffirm that our 5-6% EBITA margin target is within reach in 2016 assuming the mid-single digit sales growth and mix changes continue. We are on track to achieve €60-70M cost savings in 2015-16. In order to secure our competitiveness, additional measures are being taken: IT expenses (making up 10% of our ~€2.5bn SG&A in 2014) should come down 20% over time with the creation of a global IT infrastructure SSC. This project is another result of the ongoing benchmarking of all functions, which should continue to drive the cost base down. Finally, Robert Jan will discuss our capital allocation: As our leverage ratio is likely to end up below 0.5x (by the end of this year), we propose an all cash dividend for 2015.

Linda Galipeau (Executive Board member) will talk about how MSP/RPO and technology strategies are driving integrated talent solutions, enabling us to gain profitable market share. Linda will also provide an update on the US market, both staffing and professionals.

Christophe Montagnon (France CIO) will demonstrate a "Big Data" solution that Randstad France has developed. The solution, based on the aggregation of data, improves decision-making by providing targeted real-time insight into the labor market. It is a prime example of internal innovation, helping to transform the way our consultants work.

Chris Heutink (Executive Board member) will discuss delivery models, using Randstad NL as an example where less than 50% of revenue is now generated through a traditional branch. Inhouse and central delivery continue to grow in importance. Chris will also talk about trends in Global Clients (25% of Group sales), which has above average growth and profitability in line with the Group.

Trading update: 7.7% revenue growth in October
In October revenue per working day increased by 7.7% organically (vs. +5.4% in Q3) and volumes in November so far indicate a continuation of the trend. Gross profit growth in October was 8.4% (+5.8% in Q3). Perm fees were up 9% in October (vs. +13% in Q3).

North America continued its solid performance with 5% sales growth (+4% in Q3). Within North America our overall US business grew 6% (vs. +5% in Q3). Europe grew 8% in October (vs. +5% in Q3). France accelerated to 8% revenue growth (vs. +3% in Q3) as did Iberia (up 14% in October vs. +8% in Q3), Italy (up 26% in Oct vs. +20% in Q3) and Belgium (up 10% in Oct vs. +1% in Q3). The Netherlands and Germany were stable vs. Q3, up 10% and 2%, respectively.

As stated in the Q3 2015 results press release, for Q4 2015 we expect a minor sequential increase in operating expenses (on an organic basis).

Audio webcast
Today, at 13.00 GMT (14.00 CET) Randstad Holding will host a conference in London. You can listen to the presentations of Jacques van den Broek and Robert Jan van de Kraats through a real-time audio webcast. A replay of the webcast and all presentations will also be available on our website. The link is: http://www.ir.randstad.com/reports-and-presentations/presentations-and-webcasts.aspx