Adecco 1Q Profit Up 77%, Sees Growth In Jobless Recovery

Staffing company Adecco S.A.(ADEN.VX) Tuesday reported a 77% rise in first quarter net profit on a 24% increase on sales and said it expects it expects attractive growth in what it said was a jobless economic recovery.

MAIN POINTS:

-1Q net profit EUR100 million versus EUR57 million in 2010

-1Q revenue EUR4.92 billion versus EUR3.96 billion in 2010

-Outlook: The company said growth in April was a touch lower, due to the comparison with a higher base, but "our close dialogue with clients worldwide strengthens our confidence in continued good demand in the coming months, as flexibility remains at the forefront of our clients' priorities.

Company says it is well on track to reach the mid-term EBITA margin target of over 5.5%.

- Seven analysts polled by Dow Jones Newswires on average forecast a net profit of EUR91 million.

- Seven analysts polled by Dow Jones Newswires on average forecast revenue of EUR 3.96 billion.

- Rival staffing companies Randstad Holding N.V (RAND.AE)reported a 38% net profit increase on a 22% increase in revenue in April, while Manpower Group (MAN) increased its revenue 24% and increased its net earnings to $35.7 million from $2.8 million a year earlier.

-By John Revill, Dow Jones Newswires; +41 43 443 8042 ; john.revill@dowjones.com

Randstad NV (EU:RAND)
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