Adecco : A good Q1, Q2 will not be worse than expected
>Q1 earnings beat expectations - Sales fell by -9% y-o-y in organic terms and adjusted for working days, which is much better than expected (ODDO BHF -13.9%, consensus -13.4%), although it is not that surprising after a similar performance from Randstad and Manpower. The gross margin also beat expectations at 19.3%, +20bp y-o-y, with 30bp in organic terms (vs stable at 19.1% in our estimates and 19% for consensus). Adjusted EBITA beat the consensus by 18% with a margi...Adecco Group provides human resource services, including temporary staffing, permanent placement, outsourcing, consulting and outplacement. Co. has more than 5,500 branches in over 60 countries and territories. Co.'s Office and Industrial businesses offer a range of general staffing services, including temporary staffing, permanent placement, assessment, training and integrated human resources applications. In addition, Co. operates professional business lines, which include Adecco Finance & Legal, Adecco Engineering & Technical, Adecco Information Technology, Adecco Medical & Science, Adecco Sales, Marketing & Events and Adecco Human Capital Solutions.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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