Adecco : Gaining marketshare while cutting costs, but leverage still too high
>Doing relatively well although FESCO JV caused the main EBITA beat - Given already fairly cautious expectations, we believe Adecco delivered an OK set of results. Organic revenue growth came in at -2% in Q2, in line with consensus and our forecasts, with the gross margin -70bpp at 19.4% reflecting difficult markets (perm fees were down 14% and impacted the gross margin by -30bps, temp by -20bps). Adjusted EBITA was flat yoy at €179m, which is a strong performance, an...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.