PR98611

ZURICH, Nov. 3, 2022 /PRNewswire=KYODO JBN/ --

HIGHLIGHTS

•        Revenues +16% reported, +6% yoy organic TDA

•        Growth leadership in Adecco; relative revenue growth +500 bps qoq in Q3, and

+1,300 bps year-to-date

•        Gross profit +5% organic yoy; Permanent Placement fees +23% yoy

•        Strong gross margin of 21.0%, supported by mix and pricing

•        Robust EBITA margin excl. one-offs of 3.6%, with conversion ratio and

productivity better sequentially. Year-on-year movement reflects Adecco and

LHH's investment plans and lower benefit from special items

•        Operating income €164 million; Basic EPS €0.65; Adjusted EPS €0.90, -17% yoy

•        AKKA on track; >€40 million 2023 revenue synergies won; year-end 2022 total

EBITA synergy run-rate >€40 million

Adecco Group will host a Business update today, starting 09:30 CET

•        The Group's CEO and CFO will provide detailed plans on how they will improve

financial performance, deploying three group-wide levers to simplify the

organisation, improve execution and prioritise ways to grow market share

•        Group G&A cost savings plan announced, targeting €150 million run-rate by

mid-2024

Denis Machuel, Adecco Group CEO, commented:

"The Group made strong progress this quarter, as we delivered on our commitment

to return to a growth leadership position in the Adecco business. Our Akkodis

GBU continued to perform well and the AKKA integration, including synergy

capture, remains firmly on track. In LHH, our digital investments showed

positive momentum with both Ezra and Hired reporting healthy growth.

Looking ahead, we are determined to accelerate growth across all GBUs, and

bring our EBITA margin back to a leading level. With these priorities in mind,

today I am unveiling a detailed operational plan to sharpen execution at the

Adecco Group. Termed "Future@Work Reloaded", the plan will accelerate

implementation of our existing strategy, strengthen resilience in the face of

external headwinds, and improve both operational and financial performance. I

firmly believe in the quality of our assets, and with this plan, commit to

unlocking our potential and driving the Group to achieve a ~6% EBITA margin."

FULL PRESS RELEASE

[https://www.adeccogroup.com/investors/results-reports-and-events/]

MEDIA WEBCAST DETAILS

[https://event.choruscall.com/mediaframe/webcast.html?webcastid=GeD24qkP]

INVESTOR & ANALYST WEBCAST DETAILS

[https://event.choruscall.com/mediaframe/webcast.html?webcastid=uFv8gOD8]

Media contact: Investor Relations, +41 (0)44 878 88 88

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Source: The Adecco Group