Adecco : Doing relatively well in a tough market
>Strong revenue growth with adjusted EBITA in line - Adecco reported 4% organic revenue growth in Q2 (consensus +2.2%, a strong performance (Randstad -5.1%, Manpower -3.5%), with Adecco staffing at +5%, Akkodis -1% and LHH 0%. Permanent placement came in at -9%, which compares well with peers (Randstad -16%). The gross margin declined 50bps to 20.7% (-40bps because of lower perm fees), below consensus at 21.2% (we at 20.9%). Adecco successfully focused on cost reducti...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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