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Industry Report Card: Lower Revenue In The European Business Services Sector Underscores The Importance Of Cost-Base And Financial Flexibility Jul 09 Product Image

Industry Report Card: Lower Revenue In The European Business Services Sector Underscores The Importance Of Cost-Base And Financial Flexibility Jul 09

  • Published: July 2009
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Adecco S.A.
  • Compass Group PLC
  • Experian Finance PLC
  • G4S PLC
  • ISS A/S
  • Rentokil Initial PLC
  • MORE

Abstract
Although growth rates in the European business services industry were hindered by the economic slowdown, the credit quality of rated sector players remained relatively stable during the first half of 2009. As Standard & Poor's Ratings Services anticipated in previous industry report cards, top-line pressures prevailed among the bulk of our rated entities, which posted low-single-digit growth rates during the first half of 2009 compared with the historical mid-single-digit rates. However, the squeeze on operating margins throughout the first half was lessened by the relative cost-base flexibility inherent among most European service providers. Moreover, except for companies operating in the more cyclical segments of U.K. real estate services, personnel services, and airline catering, no changes in the credit quality of...

Companies mentioned in this report are:
- Sodexo
- Adecco S.A.
- Experian Finance PLC
- Securitas AB
- Compass Group PLC
- gategroup Financial Services S.a.r.l
- Rentokil Initial PLC
- ISS A/S
- G4S PLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial READ MORE >

- Sodexo
- Adecco S.A.
- Experian Finance PLC
- Securitas AB
- Compass Group PLC
- gategroup Financial Services S.a.r.l
- Rentokil Initial PLC
- ISS A/S
- G4S PLC

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