TMP search revenues slump
The revenues for the period ended December 31, 2001, fell to $22.4m (€25.7m). The firm's total revenues fell by 14%, to $326m.
Fourth quarter earnings by the firm were down 21% at $27.3m.
TMP is forecasting 2002 earnings of $1.35 to $1.40 a share. Analysts had been expecting earnings of about $1.46 a share in 2002.
TMP's CEO, Andrew McKelvey, said: "Even though we remain cautiously optimistic about the business environment this year, especially the second half of 2002, we believe that it is prudent to re-evaluate our outlook."
The firm said Monster.com, its internet-based recruitment arm, continued an aggressive expansion into Europe in the fourth quarter
Last month TMP failed in its effort to acquire a rival to Monster, HotJobs.com, which accepted a higher offer from Yahoo instead.
TMP said it would steer clear of further acquisitions for the moment and would concentrate on its core businesses.
It also announced the appointment of John Mclaughlin, formerly CEO of the executive search division, as group president of the Americas. He will have overall management responsibility for the region across all business units.
