Adecco : Rigorous cost savings, leverage still too high, outlook suggests further cuts
>G&A end-2024 lifted from €150m to €171m, supporting the EBITA margin - Adecco reported a 5% organic revenue decline in Q3 (trading-days adjusted, otherwise it was -3%), with -5% at Adecco (staffing), -5% at Akkodis and -7% at LHH. This compares with consensus organic revenues at -3% (we at -3.6%). The gross margin came in at 19.4%, down 90bps as a result of lower revenues, business mix and a 60bps negative impact from temporary employment (below expectations) and 10b...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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