Further market share gains and disciplined cost management; G&A savings above-target<\/p>\n
ZURICH<\/span>, Aug. 6, 2024<\/span> \/PRNewswire\/ —<\/p>\n Revenues -2% yoy in challenging markets; Group relative revenue growth +375 bps and Adecco GBU +220 bps Revenues by GBU, Adecco -2% yoy, Akkodis -2% yoy, LHH -7% yoy Robust 19.4% gross margin, -70 bps yoy, reflecting current business mix; pricing firm SG&A expenses excl. one-offs improved by 50 bps yoy as a percentage of revenues, at \u20ac969 million G&A expenses -19% vs Q2 22 \u20ac162 million G&A savings run-rate delivered mid-24 vs 2022 baseline, above ~\u20ac150 million target Robust 3.1% EBITA margin excl. one-offs, stable yoy, reflecting disciplined cost management including above-target G&A savings, as well as favourable timing of FESCO JV income Operating income \u20ac113 million, stable yoy, constant currency; Net income \u20ac58 million, -2% yoy, constant currency Basic EPS \u20ac0.35, -2% yoy, constant currency; Adjusted EPS \u20ac0.64, -1% yoy, constant currency Improved cash performance reflecting good working capital management: operating cash flow +\u20ac82 million yoy to \u20ac162 million, free cash flow +\u20ac100 million yoy to \u20ac128 million, cash conversion 84% <\/p>\n Denis Machuel, Adecco Group CEO, commented:<\/p>\n “The Group gained a further +375 bps market share in the second quarter, on top of the +775 bps gain in the prior year period. Revenues eased on an organic basis reflecting continued market challenges, although pricing remained firm. We delivered above-target G&A cost savings, supporting a robust EBITA margin, and importantly, delivered improved cash flow through good working capital management.<\/p>\n Adecco outperformed its peers in a tough market, while Akkodis achieved healthy growth in Consulting & Solutions. Pontoon and EZRA grew strongly in LHH, while the performance of Career Transition remained strong.<\/p>\n Our determination is to continue outperforming the sector and to gain further market share. Our strong positioning, rigorous cost management and proven capacity to execute will enable us to benefit swiftly when labour markets improve.”\u00a0<\/p>\n Full Press Release<\/a><\/p>\n Webcast Details<\/a> | Investors & Analysts<\/p>\n Investor Relations: <\/p>\n Further market share gains and disciplined cost management; G&A savings above-target<\/p>\n ZURICH<\/span>, Aug. 6, 2024<\/span> \/PRNewswire\/ —<\/p>\n Revenues -2% yoy in challenging markets; Group relative revenue growth +375 bps and Adecco GBU +220 bps Revenues by GBU, Adecco -2% yoy, Akkodis -2% yoy, LHH -7% yoy Robust 19.4% gross margin, -70 bps yoy, reflecting current business mix; pricing firm SG&A expenses excl. one-offs improved by 50 bps yoy as a percentage of revenues, at \u20ac969 million G&A expenses -19% vs Q2 22 \u20ac162 million G&A savings run-rate delivered mid-24 vs 2022 baseline, above ~\u20ac150 million target Robust 3.1% EBITA margin excl. one-offs, stable yoy, reflecting disciplined cost management including above-target G&A savings, as well as favourable timing of FESCO JV income Operating income \u20ac113 million, stable yoy, constant currency; Net income \u20ac58 million, -2% yoy, constant currency Basic EPS \u20ac0.35, -2% yoy, constant currency; Adjusted EPS \u20ac0.64, -1% yoy, constant currency Improved cash performance reflecting good working capital management: operating cash flow +\u20ac82 million yoy to \u20ac162 million, free cash flow +\u20ac100 million yoy to \u20ac128 million, cash conversion 84% <\/p>\n Denis Machuel, Adecco Group CEO, commented:<\/p>\n “The Group gained a further +375 bps market share in the second quarter, on top of the +775 bps gain in the prior year period. Revenues eased on an organic basis reflecting continued market challenges, although pricing remained firm. We delivered above-target G&A cost savings, supporting a robust EBITA margin, and importantly, delivered improved cash flow through good working capital management.<\/p>\n Adecco outperformed its peers in a tough market, while Akkodis achieved healthy growth in Consulting & Solutions. Pontoon and EZRA grew strongly in LHH, while the performance of Career Transition remained strong.<\/p>\n Our determination is to continue outperforming the sector and to gain further market share. Our strong positioning, rigorous cost management and proven capacity to execute will enable us to benefit swiftly when labour markets improve.”\u00a0<\/p>\n
+41 (0)44 878 88 88\u00a0<\/p>","protected":false},"excerpt":{"rendered":"