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Highlights for Q2 2007

Amounts in € million	Q2 2007	Q2 2007 adjusted1	Q2 2006	Increase adjusted1	Organic Growth 2
Sales	2,121.5	2,121.5	1,925.0	+10%	+10%
Gross Profit	491.7	421.8	355.7	+19%	+17%
Gross Margin	23.2%	19.9%	18.5%
Operating Income	150.2	101.9	72.2	+41%	+37%
Operating Margin	7.1%	4.8%	3.8%
Net Income	94.2	62.5	44.4	+40%
Net Income per share (in Euro)	0.54	0.36	0.26	+38%

1	Excluding the retroactive effect (1 January 2006 to 31 March 2007) of the French social security recalculation, which contributed net income of €31.7 million and EPS of €0.18. For further analysis, see page 5.
2	All growth percentages quoted in this media release have been calculated on an organic basis which excludes the impact of currency effects, acquisitions and disposals.

• 28% increase in permanent placement fees
• Increase in gross margin to 19.9%
• Improved operating efficiency
• Organic growth in operating income 37%
  - Traditional staffing 51%
  - Engineering staffing 51%
  - Education staffing 15%
• Acquisition of specialist recruitment businesses in the US, UK and Australia

CEO’s Statement

Zach Miles said, “We continue to see a positive operating environment in continental Europe and an improving UK market. Our operations in Australia, Canada and new emerging markets have, once again, made excellent progress. Our US business is growing despite slower market conditions.
We are approaching our operating margin targets in all geographic regions.”

Q2 2007 Review

Sales increased 10% with increases in all of our major markets. Gross profit was up 17% and operating income increased by 37%.

Demand for permanent placement increased during the quarter resulting in a 28% organic improvement in placement fees with strong growth in France, the UK and the Netherlands. Permanent placement now represents 4.0% of Group sales and 20% of gross profit.

On an adjusted basis, our gross margin improved to 19.9% from18.5% and our operating margin (operating income as a percentage of sales) was 4.8% (Q2 2006: 3.8%).

Our conversion ratio (operating income divided by gross profit) increased to 24.2% from 20.3%. As a percentage of sales, costs were 15.1% (Q2 2006: 14.7%) reflecting organic investments and changes in our business mix.

Country/Region	Gross Profit Organic Increase	Operating Income Organic Increase	% of Group Operating Income
France	+27%	+53%	38%
UK	+13%	+15%	18%
Netherlands	+10%	+31%	5%
Belgium	+13%	+17%	7%
Spain	+20%	+74%	3%
Other Europe	+14%	+76%	7%
US	+4%	-2%	10%
Australia & New Zealand	+15%	+20%	6%
Canada	+38%	+90%	4%
Latin America, Asia, Middle East and Africa	+29%	+91%	2%

Note: Figures for France in the above table exclude the retroactive effect (1 January 2006 to 31 March 2007) of recalculating social security charges, but includes the benefit for the quarter ended 30 June 2007.

The development of our French permanent placement business continued to gain ground with an 82% increase in fees. Good growth in sales and operating income was experienced in both the traditional and professional/executive parts of our business. Stripping out the effect of social security recalculations completely, French gross profit increased by14% and operating income increased by 21% compared to Q2 2006. The impact of recalculation in Q2 added €8.8 million in operating income and €12.8 in gross profit.

In the UK, we saw further growth in the education sector, marking a continued recovery in this highly profitable area of our business. Our brands operating in the engineering/technical, accounting/finance, interim management and legal sectors all performed strongly. Healthcare also achieved positive growth.

In the Netherlands, traditional staffing achieved strong increases in operating income, with our Dactylo brand in particular showing good growth. Permanent placement activities helped to contribute to our positive results. Sales and operating income in the professional/executive sector also improved this quarter.

Our businesses in Spain have, once again, yielded strong results in terms of both sales and operating income, with growth continuing in all areas of our operations.

Businesses in other parts of Europe achieved strong increases in operating income. Significant contributors were Belgium, Italy, Switzerland, Portugal and Germany.

In the US, sales increased by 3% but operating income declined slightly. Our legal staffing operations performed exceptionally well, with strong growth in both sales and operating income. Our US traditional business remained slow.

In Australia and New Zealand, all our businesses performed well led by education and accounting and finance.

In Canada, we achieved strong growth in the IT and engineering/technical sectors following on from good performances in the first quarter of 2007.

India and Latin America also reported good growth.

Business Development

In Q2 2007, we completed the acquisition of Calibre International, a leading hospitality staffing specialist in the UK and HR Partners, an Australian HR search and selection consultancy. In July, we acquired Think, a specialist provider of engineering and technical professionals in the US.

During the quarter, we also continued active organic growth in a number of markets, including expansion of existing operations in the Middle East and our recruitment process outsourcing business in the US and Canada. Compared to the same quarter last year, the Group’s network has been extended by 134 offices to a total of 2,505 offices worldwide.

Management Outlook

Healthy demand driven by skill shortages should lead to strong results for the remainder of 2007.

Our business in France continues to improve its profitability and, despite slower market growth in June and July, we remain confident about its prospects for the second half. Our performance is expected to improve further in the Netherlands in Q3. The outlook for our specialist businesses in the UK remains favourable. We expect positive trends in other markets to continue.

For further information on these results, please join today’s conference call starting at 9.00am (CET). Details can be found on our website at www.vedior.com

Zach Miles, Chief Executive
Frits Vervoort, CFO
Jelle Miedema, Company Secretary
Investor Information at: www.vedior.com/investor-relations/investor-relations.asp

Company Profile

Vedior is one of the world’s largest recruitment companies and is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors.

From its global network of offices spanning Europe, North America, Australasia, Asia, South America and Africa, Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training.

Vedior has a leading market position in the provision of professional/executive recruitment in sectors such as information technology, healthcare, accounting, engineering, education and legal. We also have a significant global network providing administrative/secretarial and light industrial recruitment.

Financial Agenda

25 October 2007	Publication of third quarter results
7 February 2008	Publication of annual results 2007
25 April 2008	Publication of first quarter results and AGM
24 July 2008	Publication of second quarter results
23 October 2008	Publication of third quarter results
5 February 2009	Publication of annual results 2008

Safe Harbour

This media release includes forward-looking statements that reflect our intentions, beliefs or current expectations and projections about our future results of operations, financial condition, liquidity, performance, prospects, growth, strategies, opportunities and the industry in which we operate. Forward-looking statements include all matters that are not historical fact. We have tried to identify these forward-looking statements by using words including "may", "will", "should", "expect", "intend", "estimate", "project", "believe", "plan", "seek", "continue", "appears" and similar expressions or their negative.
These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or suggested by these forward-looking statements. Important factors that could cause those differences include, but are not limited to our financial position and our ability to implement our business strategy and plans and objectives of management for future operations, our ability to develop, balance and expand our business, our ability to implement our long- term growth strategy (including through organic growth and acquisitions), our ability to make improvements to our capital structure, industry and market trends and volumes, including the speed and strength at which the staffing services industry and the sectors in which we operate, rebound from economic slowdowns and recessions, the effects of regulation (including employment and tax regulations), our ability to improve the efficiency of our operations and to reduce expenses in our operating companies and their network of offices, litigation and our ability to take advantage of new technologies.
In light of these risks, uncertainties, assumptions and other factors, the forward-looking events described in this media release might not occur. Additional risks that we may deem immaterial or that are not presently known to us could also cause the forward-looking events discussed in this media release not to occur. Except as otherwise required by applicable law, we undertake no obligations to update publicly or revise publicly any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this media release.