In the news release, AD HOC ANNOUNCEMENT pursuant to Art. 53
Listing Rules of SIX Swiss Exchange, issued 07-May-2024 by The Adecco Group over PR Newswire,
we are advised by the client that the headline should read "The
Adecco Group: Q1 24 Results" rather than "[AD HOC ANNOUNCEMENT
pursuant to Art. 53 Listing Rules of SIX Swiss Exchange, issued
07-May-2024]" as incorrectly transmitted by PR Newswire. The
complete, corrected release follows:
The Adecco Group: Q1 24 Results
Further strong market share gains, disciplined execution
ZURICH, May 7,
2024 /PRNewswire/ --
- Revenues flat yoy, outperforming markets; Adecco's relative
revenue growth +600 bps
- By GBU, Adecco, +1% yoy, of which APAC +14%, Southern Europe & EEMENA +8%, DACH +7%;
LHH -5%, with Career Transition & Mobility +9%; Akkodis -2%,
with Consulting +5%
- Healthy 19.8% gross margin, +20 bps qoq, -100 bps yoy,
mainly reflecting current business mix; pricing firm
- SG&A expenses, excl. one-offs, €978 million, reflecting
strong G&A savings, focus on productivity
- Resilient 2.8% EBITA margin excl. one-offs, -30 bps yoy, or -10
bps yoy when excluding the impact from the timing of FESCO JV
income, with gross margin developments substantially mitigated by
rigorous cost discipline
- Operating income €122 million, -12% yoy, constant currency; Net
income €73 million, -20% yoy
- Basic EPS €0.44, -20% yoy; Adjusted EPS €0.59, -18% yoy
- Improved cash performance: free cash flow +€72 million yoy,
cash conversion 73%
- On track to deliver ~€150 million G&A savings, net, in
run-rate terms, mid-2024
Denis Machuel, Adecco Group CEO, commented:
"The Group demonstrated strong operational progress in the first
quarter. We achieved revenue stability and maintained firm pricing
discipline amidst challenging market conditions while driving
further cost improvement across the business. Adecco delivered
significant market share gains with a healthy gross margin. Akkodis
faced ongoing tech staffing headwinds while achieving solid growth
in its higher-value consulting business, which lifted overall
profitability. In LHH, Career Transition and Ezra once again
outperformed, and the business delivered an improved margin. We
remain laser-focused on the elements within our control –
competitive outperformance and market share expansion, together
with cost discipline. The G&A savings programme is on track,
and at the same time, the Group is preserving resources, where
appropriate, to ensure it can swiftly capitalise on the future
market rebound."
Full Press Release
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