‘Solid’ progress for Adecco

Recruitment giant Adecco has achieved “solid” double-digit growth, according to its results for Q2.

The group’s results reveal:

Revenues of €5.2bn (£4.52m), up 11% on Q2 2010

Recruitment giant Adecco has achieved “solid” double-digit growth, according to its results for Q2.

The group’s results reveal:

Revenues of €5.2bn (£4.52m), up 11% on Q2 2010

EBITA of €199m, up 18% on Q2 2010

Operating income of €199m, up 21% on Q2 2010.

Adecco Group CEO Patrick De Maeseneire said: “We again had very solid double-digit revenue growth this quarter, still driven by strong demand in the industrial segment.

“Revenue growth in France and North America held up very well, against an increasingly challenging base. Germany and Italy continued to deliver remarkably strong growth of above 30%, and also Benelux and Japan performed ahead of the market. The gross margin was lower seasonally and was still affected by the stronger growth of the lower margin industrial staffing business. Pricing remained rational.

“We continued to work hard on improving our profitability, delivering an increase of 30 bps on the EBITA margin to 3.9% this quarter. This was yet again achieved with tight measures on the cost side.

“With the economic uncertainties, we keep a close lid on our cost base, and will only invest where prospects are promising. Revenue growth in July was a touch lower than June, and from today’s perspective we expect a solid third quarter.”

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