The Swiss group Adecco, the world number one in temporary employment, saw its net profit fall by 20% year-on-year in the first quarter of 2024, to 73 million euros, according to a press release published on Tuesday. Its turnover stands at 5.7 billion euros, down 3% in published data but stable in organic data, in line with the forecasts of analysts surveyed by the Swiss agency AWP, who however expected on a net profit of 68 million euros. The boss of Adecco, Frenchman Denis Machuel, was pleased that the group had “achieved turnover stability” in “difficult market conditions», quoted in the press release.
The decline in net profitmainly reflects lower operating income», down 15% over one year, it is indicated. In France, Adecco’s largest market, turnover reached 1 billion euros, down 2% in published data but up 1% organically, “reflecting a difficult market context, with notable weakness in industry, logistics, chemicals and trade», Indicates the press release. As for the outlook, “in the second quarter to date, volumes have been stable compared to the levels of the first quarter of 2024» and the group counts “continue to gain market share in a difficult macroeconomic environment“.
For comparison, in the first quarter its Dutch competitor Randstad saw its net profit fall by 43%, to 88 million euros, for a turnover down 8.9%, to 5.9 billion euros. ‘euros. Randstad CEO Sander van’t Noordende spoke of market conditions “lower than expected in North America and Northern Europe” and warned that the macroeconomic environment still appeared “difficult at the start of the second trimester“. For its part, the American Manpower reported a 49% drop in its net profit, to $39.7 million, for a turnover down 7.3% (4.4 billion). , its CEO Jonas Prising emphasizing that “employers in North America and Europe remain cautious as they await signs that the economic environment is on the path to sustained improvement“.
