Q4 & FY21 Results
PR94668
ZURICH, Feb. 24, 2022 /PRNewswire=KYODO JBN/ --
Revenue momentum accelerates, margins strong
AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
Q4 HIGHLIGHTS
- Revenues +3% sequentially, +1% yoy organic TDA1, led by Modis +14%
- Gross profit +7% organic yoy; led by Adecco +7% and LHH's Recruitment
Solutions +c.35%
- 20.7% gross profit margin driven by portfolio, favourable mix and pricing
- EBITA excluding one-offs2 Euro 259 million; 4.7% margin, reflecting cost
discipline while investing in growth
- Operating income Euro 191 million; Net Income Euro 184 million; Basic EPS
Euro 1.11, up 21% yoy
FULL YEAR HIGHLIGHTS
- Revenues +9% yoy organic TDA1; Gross profit +15% organic yoy
- Leading gross profit margin of 20.4%, driven by portfolio, favourable mix and
pricing
- EBITA excluding one-offs[2] Euro 953 million; 4.6% margin sector-leading
- Operating income Euro 780 million; Net Income Euro 586 million; Basic EPS
Euro 3.62
- Cash flow from operating activities Euro 722 million; cash conversion 83%
- Good strategic delivery: GBU organisation put in place; AKKA acquisition
announced; LHH re-brand underway
- Acquisition of majority stake in AKKA completed; good line of sight on Euro
15 million 2022 EBITA synergies
- Proposed dividend per share CHF 2.50, composed of CHF 1.25 gross plus CHF
1.25 from reserves not subject to withholding tax
Alain Dehaze, Adecco Group CEO, commented: "Good progress has been made in the
first year of implementation of our Future@Work strategy. We have established
all three GBUs as Global Leaders, and accelerated our pivot to higher value
services, as evidenced by this year's record gross margin level. At the GBU
level, Modis delivered outstanding performance in 2021, with strong top line
growth and margin uplift, providing a strong foundation for the upcoming
integration of AKKA. In LHH, Recruitment Solutions excelled, taking market
share in permanent recruitment, while Career Transition navigated lower demand
for their services. Adecco delivered sector-leading profitability through 2021,
while continued investment supported improved sequential revenue momentum in
the last quarter. Looking ahead, while recognising ongoing pandemic related
challenges, we expect healthy demand for the Group's services in 2022, and are
investing to accelerate sustainable, profitable growth."
FULL PRESS RELEASE:
https://mma.prnewswire.com/media/1753090/Adecco_Group_Q421_Results.pdf
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] On an organic and trading days adjusted basis.
[2] 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.
PDF - https://mma.prnewswire.com/media/1753090/Adecco_Group_Q421_Results.pdf
Logo - https://mma.prnewswire.com/media/1197818/The_Adecco_Group_Logo.jpg
Source: The Adecco Group
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