Adecco, the world’s largest staffing company, released full-year results on time and without controversy this year, revealing increased revenues and reduced debts.

The company’s performance was particularly strong in the last quarter of 2004, with profits of €105m (£73m), more than double those achieved in the same period the previous year. Overall, revenues grew by 6% over the entire year to €17.2bn (£12bn) and growth rose to 14% in the final quarter.

Adecco will not face penalties following the accounting foul-up that delayed publication of its results last year. The agency said that a probe into the fiasco had recommended no action be taken.

The US Securities and Exchange Commission (SEC) launched an informal investigation after results were published five months late, in June 2004.

Adecco had uncovered accounting problems in its North American operations and twice put off publication of the results.

Law suits are still pending in the US as a result of the fiasco, but the recruitment giant has dismissed these allegations. However, a statement claimed there could be no assurance that the fallout from the events of last year would not affect the firm’s finances, results, operations or cashflows.

Group chief executive Jerome Caille said: “We achieved satisfactory sales growth in parallel with stabilising margins in the business units, despite handling the additional challenges of the 2003 reporting delay. All three of Adecco’s divisions are well placed for future growth.”