Q2 Results 22 – Market Share Momentum, Solid Growth and Margin – NBCNEWS

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ZURRICH, Aug 4, 2022 /PRNewswire/ —

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AD HOC ANNOUNCEMENT in accordance with art. 53 List Lines of SIX Swiss Exchange

HIGHLIGHTS

  • Revenue +4% yoy organic TDA, up in all 3 GBUs
  • Strong performance in Adecco APAC +14%, LHH Recruitment Solutions +12% and Akkodis +14%
  • Investment plan implemented with agility, improving relative revenue growth in Adecco by +400bp sequentially, in addition to an improvement of +400bp in Q1
  • Gross profit +7% organically yoy; Fixed placement costs +38%
  • Strong gross margin at 21.1%, +100 bps, driven by portfolio shift, positive mix and pricing
  • Solid excl. one-off EBITA margin of 3.5%, as expected, driven by Adecco’s investment plan and moderate contribution from LHH
  • 100% owned by AKKA; €20 million synergies secured for 2022 ahead of year-end run rate + €40 million
  • Exit rate in June 4% and volumes in July slightly above Q2 levels

Denis Machuel, CEO of Adecco Group, commented:

“The Group made progress in several key areas this quarter – the Akkodis integration is fully on track and the combined business delivered healthy growth, Adecco improved its market share performance and showed some encouraging signs of a turnaround in the US, and the LHH Recruitment Solutions businesses and digital businesses, including Ezra and Hired, continued to perform strongly. At the same time, it is clear that there are even more opportunities for performance improvement to reach our full potential. In my first month as Group CEO, I spent a lot of time visiting our markets, involving our activities, listening to our customers and meeting our people. I am convinced that we have great companies and great people across the organization. Identifying the levers and then executing them to improve performance is my absolute priority. The Group continues to focus on executing its strategy, delivering productivity improvements through the investments we have made, and increasing our market share by being the partner of choice for our customers and the talent we serve.”

FULL PRESS RELEASE

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