Adecco: results reassure investors with margin up

(CercleFinance.com) - Adecco posted a 6% fall in third-quarter operating profit on Tuesday, impacted by the slowdown in the company's market growth.


The world's largest staffing group posted EBITA excluding one-offs of 302 million euros for the period July-September, down from 320 million euros a year ago.

Third-quarter revenues were up 2% as reported, at almost 6 billion euros. Organic growth reached 2%. The group's gross margin also rose, reaching 18.7%, compared to 18.5% last year.

In France, Adecco's main market, revenues rose by 5% to 1.5 billion euros, continuing to outperform a slowing market.

Adecco said total revenue growth in September and October together was 1%; in organic terms and trading days adjusted.

By 9:30, Adecco shares were up 4.9% at 50.4 Swiss francs, offsetting some of the 33% lost so far this year and outperforming the STOXX Europe 600 Optimised Industrial Goods & Services index which is up 0.5%.

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