FINANCIALS: Adecco Group sees revenue rise but mixed bag for UK & Ireland
Recruitment giant Adecco Group has seen group revenue increase 6% year-on-year led by strong growth in its France, Iberia, Italy and Benelux operations in the third quarter of 2017.
Results for the period, released this morning, reveal revenues of €5,901m (£5,190m) and gross profit of €1,091m, up from €5,811m and €1,088m respectively on the same quarter last year.
North America, UK & Ireland general staffing posted revenue of €24m, down from €29m in the third quarter of last year, while professional staffing reported revenue of €46m, down from €57m in Q3 2016.
Looking more closely at UK & Ireland operations, while UK & Ireland general staffing revenue was up 17%, with continued growth in e-commerce and local government, permanent placement revenues declined 12%.
Meanwhile, UK & Ireland professional staffing revenues were down 9%, driven by declines in IT, with permanent placement revenues down 27% on the previous year.
Commenting on the group’s performance group CEO Alain Dehaze pointed to a quarter of “positive growth momentum and strong productivity”.
“Cash conversion also remained strong. We achieved this while investing in our key strategic initiatives: GrowTogether and Digital Ventures,” he added.
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