Adecco Group Q1 22 Results
Improved revenue growth and market share, with strong
progress in gross margin
ZURICH , May 5, 2022
/PRNewswire/ --
- Revenues +5% yoy organic TDA1, led by Modis +14%,
LHH Recruitment Solutions +15%, Adecco APAC +15%
- Adecco's investment plan drives overall relative revenue
improvement of +400 bps sequentially
- Gross profit +9% organic yoy; Permanent Placement +62%
- Step change in gross margin to 21.1%, +100 bps, driven by
portfolio shift, positive mix and pricing
- EBITA excluding one-offs2 €185 million; solid 3.4%
margin, lower yoy, as anticipated, due to Adecco's investment plan,
the absence of non-recurring benefits and a moderated contribution
from LHH Career Transition
- Operating income €146 million; Net income €92 million; Basic
EPS €0.56, 28% lower yoy
- Full ownership of AKKA expected May 12,
2022; good line of sight on 100% of 2022 targeted synergies,
of which >50% secured to date; first revenue synergies delivered
in client wins
Alain Dehaze, Adecco Group CEO, commented:
"With a concerted focus on gaining market share, the Group
delivered improved growth this quarter. The targeted investment in
headcount that we have deployed in Adecco is showing results, with
notable improvement in several key regions, and LHH Recruitment
Solutions continued to capture the strong market demand. The Group
also delivered strong progress on gross margin through portfolio
changes, favourable mix, and pricing actions.
The Group acquired control of AKKA at end February, and together
with Modis, they have already secured our first combined client
wins. The integration plan is well on track, and we look forward to
operating as Akkodis from mid-May.
Looking ahead, supported by improving productivity and agile
investment in sales capacity, management is confident the Group
will deliver higher growth and stronger margins in the second half
of 2022."
FULL PRESS RELEASE
CONFERENCE CALL DETAILS
Contact: The Adecco Group, Investor Relations, +41 (0)44 878 88
88
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SOURCE The Adecco Group
