PR92762

ZURICH, Nov. 2, 2021 /PRNewswire=KYODO JBN/ --

AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

Profitable growth and record gross margin

- Revenues up 9% organic TDA1, led by US Professional Recruitment +26%, Global

Professional Recruitment +28%, Adecco Southern Europe & EEMENA +21% and Modis

+14%

- Gross profit up 16%2; led by Professional Recruitment up ~50% and Adecco +18%

- Record 20.8% gross profit margin, up 120 basis points, driven by portfolio,

better mix, pricing

- EBITA excluding one-offs3 EUR 250 million; 4.8% margin, up 30 basis points

- Operating income EUR 196 million, up 75%

- Cash conversion 69%, reflecting normal working capital absorption due to

improving revenue growth

- Strong strategic progress, including acquisition of QAPA and BPI Group and

planned reorganisation of Talent Solutions/LHH operating model

- AKKA transaction financing completed, securing financing synergies of

approximately EUR 10 million p.a. post-completion4; integration planning firmly

on track

Alain Dehaze, Adecco Group CEO, commented: "Our three global business units –

Adecco, LHH (Talent Solutions) and Modis – continue to progress our long-term

Future@Work strategy, delivering growth, a record gross profit margin and

sector-leading EBITA margin that reflects the strength of this portfolio and

our focus on higher-value services."

"Among our global business units, Adecco's revenues are above 2019 levels in

Southern Europe & EEMENA region, Latin America, Canada and APAC, led by Japan

and Australia. LHH (Talent Solutions) saw excellent growth in Professional

Recruitment, with permanent placement now ahead of 2019 levels."

"Modis executed strongly and generated revenues above 2019 levels. I am pleased

to see the integration plan for AKKA progressing at full speed. Financing for

the transaction was completed in September and, subject to the regulatory

approvals process, we anticipate acquiring a controlling stake in early 2022."

FULL PRESS RELEASE:  

https://mma.prnewswire.com/media/1675625/Adecco_Group_Q3_2021.pdf

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

in prior year.

1 On an organic and trading days adjusted basis.

2 On an organic basis.

3 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.

4 Post-completion, subject to customary approvals.

The Adecco Group, Investor Relations, +41 (0)44 878 88 88

PDF - https://mma.prnewswire.com/media/1675625/Adecco_Group_Q3_2021.pdf

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

Source:  The Adecco Group