The Adecco Group: Q3 2023 RESULTS

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The Adecco Group

Nov 02, 2023, 01:45 ET

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

ZURICH, Nov. 2, 2023 /PRNewswire/ -- Q3 2023 RESULTS

Strong market share gains, improved profitability

Revenues +3% yoy organic TDA; Adecco +4%, led by APAC, Southern Europe & EEMENA and LatAm; Akkodis consulting +8%, and LHH Career Transition +84%
Further strong market share gains; Adecco's relative revenue growth +930 bps
Healthy 20.8% gross margin, -10 bps lower yoy organically, reflecting firm pricing and current business mix
Solid 4.0% EBITA margin excl. one-offs, up +40 bps yoy
Group productivity +6% yoy, higher in all GBUs; FTEs -4% yoy
SG&A excl. one-offs at 17.0% of revenues, improved 50 bps yoy; €24 million yoy reduction in G&A costs
Upgraded end-23 G&A savings run-rate to €90 million (from €60 million at Q2 results)
Operating income €184 million, +18% yoy
Basic EPS €0.62; Adjusted EPS €0.85

Denis Machuel, Adecco Group CEO, commented:

"In a challenging macroeconomic environment, the Group delivered good growth and a stronger relative revenue performance, with a strengthened EBITA. Adecco gained share in every region, with margin expansion delivered through pricing discipline, productivity gains and good cost control. Adecco North America showed further positive signs of turnaround progress and achieved profitability. Akkodis continued to expand its consulting business, while actively managing the significant downturn in the tech staffing market. This, combined with productivity gains and delivery on synergies, resulted in improved profitability. LHH delivered a strong margin, with very good growth in both Career Transition and Ezra.

We are steadily improving our business as we execute methodically on our Simplify-Execute-Grow plan. Together with our leadership team, I am looking forward to sharing more on our plans to further strengthen the Adecco Group's performance at our upcoming Capital Markets Day."

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SOURCE The Adecco Group