PR90890

ZURICH, July 28, 2021 /PRNewswire=KYODO JBN/ --

-- Significant revenue improvement and strong margin performance

    -- Revenues up 29% on an organic,1 trading days adjusted basis ("TDA"),

       led by Adecco, up 33% organic TDA

    -- Revenue growth strongest in higher-value activities; Permanent

       Placement up 88% organic and Training, Upskilling & Reskilling up 78%

       organically

    -- Gross profit up 39% organically, with growth in all Global Business

       Units, led by Adecco

    -- Gross margin 20.1%, up 140 bps organically reflecting improved mix,

       pricing discipline

    -- EBITA(1) excluding one-offs EUR 237 million; 4.5% margin, up 270 bps,

       with gross margin performance supported by strong productivity

    -- Operating income EUR 211 million, up 627%

    -- Cash conversion of 64%, impacted by working capital absorption due to

       the improving revenue growth

    -- Revenues in June 2021 up 23% organically and TDA

Logo - https://mma.prnewswire.com/media/1197818/The_Adecco_Group_Logo.jpg

Alain Dehaze, Adecco Group CEO, commented: "The second quarter performance was

strong with positive momentum throughout, particularly in Permanent Placement.

Revenues are now 5 percent below pre-crisis levels on an underlying basis,

while the Group's gross profit is now broadly in line with pre-crisis levels.

This is well aligned to the Group's drive to deliver sustainable, profitable

growth through organic and inorganic actions. Our businesses continued to

execute well, with margin improvement supported by mix, pricing and strong

productivity. At the same time, the Group has begun to extend its investment in

sales to drive growth."

"We have seen pockets of talent scarcity and wage inflation in our end-markets,

particularly in technology solutions, and the pace of recovery in Permanent

Placement is unprecedented. We are cautiously optimistic that all our service

lines, including Flexible Placement, have scope to recover further in the

quarters ahead. We are confident that with the implementation of our

Future@Work strategy, including the digital transformation of our business, we

will be optimally positioned to take market share," he added.

FULL PRESS RELEASE (PDF) (

https://www.adecco-jobs.com/-/media/project/adeccogroup/pdf-files/smart-industry/adecco-group-q2-2021-group-results-release.pdf/?modified=20210727195459

)

Contact Details:

The Adecco Group

Investor Relations

+41 (0)44 878 88 88

Unless otherwise noted, all growth rates in this release refer to same period

in prior year.

(1) For further details on the use of non-GAAP measures in this release, refer

to the Financial Information section and the Additional Information Section of

the 2020 Annual Report.  

SOURCE  The Adecco Group