FINANCIALS: Adecco see rise in revenues boosted by Western Europe growth

Recruitment giant Adecco has seen revenues increase 6% year-on-year boosted by “strong” growth in Western Europe.

This is according to Q4 and full-year results, released this morning.

The results reveal full-year revenue of €23,660m (£20,982m) up from €22,708m, with Q4 revenue of €6,057m up from €5,869m in Q4 2016, with full year gross profit of €1,086m from €1,106m and Q4 GP of €4,346m from €4,276m.

In the UK & Ireland over Q4, the group’s general staffing business saw revenues increase 17% year-on-year due to strong growth in e-commerce and local government, while the group’s professional staffing business saw revenues fall 5% on the previous year in Q4 due to a decline in revenue for the group’s UK & Ireland IT business.

Elaborating on the group’s performance, Adecco group CEO Alain Dehaze pointed to another “solid” year.

“We maintained our focus on cost and price discipline. And we made significant investments in the new IT infrastructure and digital solutions that underpin our strategy and financial commitments. We also returned almost €650m to our shareholders, reiterating our commitment to disciplined capital allocation and leading total shareholder returns.

“The transformation of the group, through GrowTogether, began in earnest during 2017. New integrated front office tools began to be rolled out, improving speed and quality of service, and boosting productivity. Client and candidate portals are also being introduced, taking delivery ‘beyond-the-branch’, to increase engagement and drive differentiation.

“We are also innovating with digital ventures that add new revenue streams in attractive adjacent markets. In 2017, we launched Adia and YOSS, both innovative digital solutions, co-created with leaders in technology. And in early 2018, we announced the acquisition of Vettery, a digital professional recruitment platform, expanding our portfolio of digital services and adding valuable talent and technology to the Adecco Group. Vettery will provide a platform to grow our share of the €25bn professional permanent recruitment market, which currently comprises around 1% of revenues.” 

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