Adecco: revenue weighed on by 'challenging' market
(CercleFinance.com) - Adecco's revenue fell by 2% in the third quarter, and 4% organically and trading days adjusted, weighed on by ongoing challenging market conditions in Europe and the US.
But the world's largest staffing group said that it generated a strong improvement in its gross margin, which is up 70 basis points year-on-year at 19.4%.
"We delivered a solid performance in an uncertain external environment," said CEO Alain Dehaze.
In September and October, revenues were down 4% organically and TDA, in-line with the third quarter, the group said.
The HR solutions company also said that it has entered into a definitive agreement to sell its US healthcare staffing business, Soliant Health for 612 million dollars in cash (551 million euros) to private equity firm Olympus Partners.
The sale is part of Adecco's strategy to concentrate on globally scalable brands and digital solutions, the group said.
The Adecco share is down 1.3% at 58.4 Swiss francs this morning underperforming the STOXX Europe 600 Industrial Goods & Services, which is pretty flat.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
But the world's largest staffing group said that it generated a strong improvement in its gross margin, which is up 70 basis points year-on-year at 19.4%.
"We delivered a solid performance in an uncertain external environment," said CEO Alain Dehaze.
In September and October, revenues were down 4% organically and TDA, in-line with the third quarter, the group said.
The HR solutions company also said that it has entered into a definitive agreement to sell its US healthcare staffing business, Soliant Health for 612 million dollars in cash (551 million euros) to private equity firm Olympus Partners.
The sale is part of Adecco's strategy to concentrate on globally scalable brands and digital solutions, the group said.
The Adecco share is down 1.3% at 58.4 Swiss francs this morning underperforming the STOXX Europe 600 Industrial Goods & Services, which is pretty flat.
Copyright (c) 2019 CercleFinance.com. All rights reserved.