Keystone-SDA
The personnel placement giant Adecco published third-quarter results down on an annual basis and significantly below expectations, in a difficult macroeconomic context.
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November 05, 2024 – 07:48
(Keystone-ATS) The temporary employment specialist recorded, between July and September, a turnover declining by 4% to 5.7 billion euros. Organic growth was negative, at -5%, according to a press release published on Tuesday. However, this performance is considered “solid given the market conditions and the high basis of comparison”.
On the profitability side, gross operating profit (Ebita) excluding one-off effects fell by 21% to 186 million, for a corresponding margin of 3.3%, down 70 basis points. Net profit fell by 4% to 99 million.
These figures are all, with the exception of the adjusted Ebita margin, below the most pessimistic forecasts of the analysts consulted for the AWP consensus.
Management notes that volumes stabilized in October and expects business performance in the last half to be similar to that of the third.
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