FINANCIALS: ‘Stable’ first quarter for Adecco

Adecco has reported “stable” first-quarter revenues of €5.7m (£4.9m) today [7 May 2024], while experiencing a net negative effect of currency conversion and working days with a net negative impact.

At the Global Business Unit (GBU) level, Adecco revenues were up, its IT tech and engineering brand’s revenues dropped and its LHH Brand’s revenues also dropped.

By service line, Adecco reported, Career Transitions grew, and Outsourcing Consulting & Other Services revenues increased. In contract, Adecco said, Training, Upskilling and Reskilling revenues were flat, Flexible Placement fell along with Permanent Recruitment.

Gross profit was €1.13bn, Adecco said, and gross margin stood at 19.8%. Selling, General & Administrative Expenses (SG&A) excluding one-offs were €978m. 

As a percentage of revenues, Adecco said, SG&A excluding one-offs was 17.1%, which was an improvement according to the business. Average company-based full-time employees numbered 35,697, which was a 6% reduction.

As part of its ongoing G&A savings plan, the group delivered €26m net savings in the quarter relative to the 2022 baseline period, which represented a 13% reduction against the group’s targeted 15% reduction.

The group generated an operating income of €122m.

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