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Balanced Growth and Margin Trend Improving in Q2 2018

2018-08-10

Summary and highlights


■ Revenue growth 4% organically1 and trading days adjusted (TDA)

■ Return to growth in North America General Staffing, +3% TDA

■ Continued strong performance in permanent placement, revenues up 18% organically

■ Gross margin 18.3%, stable year-on-year; trend in temporary staffing price and mix similar to Q1 2018 (-10 bps)

■ EBITA2 margin excluding one-offs3 4.5%, down 30 bps, including strategic investments impact of -30 bps

■ Net income attributable to Adecco Group shareholders EUR 170 million

■ Revenues in June and July combined up 4%, organically and trading days adjusted

■ Sale of Beeline stake announced in July; EUR 172 million after-tax cash proceeds


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“In Q2 2018, underlying revenue growth was solid, at 4%, and the mix of growth became more balanced. North America General Staffing returned to growth, achieving its strongest performance since Q2 2015, mostly offsetting lower growth in certain European countries. And in France, our largest business, we significantly outperformed the market. Permanent recruitment also remained strong, reflecting the targeted investments that we have made.


Gross margin stabilized in Q2. We maintained our price discipline and were increasingly able to reflect in our bill rates the additional efforts required to find candidates in talent scarce markets. EBITA margin was impacted by investments in our ‘Perform, Transform, Innovate’ agenda, and also by the ongoing consolidation of our general staffing businesses in Germany. In the second half of 2018, we expect the Group margin trend to improve, and we are on track to deliver the EUR 50 million of productivity savings previously indicated.


The investments we are making to digitalize the Adecco Group will significantly strengthen our competitive position, allowing us to grow our market share in our core businesses, and also expand our solutions into attractive adjacent markets. As the Group’s transformation builds momentum, I am thankful to all of our colleagues around the world for their dedication and enthusiasm, and for embracing the many opportunities that the changing world of work offers.”


Alain Dehaze, Group Chief Executive Officer


1. Organic growth is a non-US GAAP measure and excludes the impact of currency, acquisitions and pestitures.

 

2. EBITA is a non-US GAAP measure and refers to operating income before amortization and impairment of goodwill and intangible assets.

 

3. In Q2 2018, EBITA included one-offs of EUR 11 million, of which EUR 6 million relating to restructuring costs and EUR 5 million relating to acquisition costs.

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