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Adecco: fourth-quarter revenues down, but margins up

(CercleFinance.com) - Adecco, the world's largest staffing group, said its revenues continued to fall in the last three months of 2019, even though its profit and margins increased.


The Swiss group said on Wednesday its earnings before interest, taxes and amortisation (EBITA) rose to 254 million euros in the fourth quarter, from 235 million euros one year ago.

Its EBITA margin excluding one-offs rose to 4.9% - up 10 basis points year-on-year - as productivity improvements and business mix more than offset the impact of lower revenues.

Indeed, revenues fell 3% year-on-year, down 4% organically, in a backdrop of "ongoing economic uncertainty" and a "market slowdown," it said.

In its statement, Adecco said that the economic environment remains uncertain, pointing out potential disruption to manufacturing supply chains as a result of the outbreak of novel coronavirus in Asia.

Its shares were down 0.3% at 53.7 Swiss francs this morning, adding to the year-to-date fall of around 12%. They are however outperforming the STOXX Europe 600 Optimised Industrial Goods & Services index, which is down over 2%.

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