TMP makes loss on executive search
Such recruitment constitutes an increasingly small part of TMP's worldwide activities. Its results show that TMP Worldwide is being powered almost entirely by its internet recruitment arm, Monster.com. This showed an adjusted operating profit for the third quarter of $27m.
Jim Treacy, president and COO of TMP Worldwide, said: "Although there are some promising signs of an economic recovery, the employment market has not improved. The continued weakness in our markets is requiring a renewed emphasis on streamlining our operations."
TMP said it had reduced staff numbers by 525 and consolidated about 80 offices. It expected to take a pre-tax restructuring charge of about $75m in the second quarter of 2002 as a result of its cost-cutting.
The firm's net income overall fell to $6.3 million in the first quarter, from $10.2 million a year earlier.
