The Adecco Group, the world’s leading provider of Human Resources solutions, announced results for Q3 2015. Revenues were EUR 5.7 billion, up 4% organically compared to the prior year. Gross profit was up 5% and SG&A excluding one-offs was up 2%, both organically. The EBITA margin excluding one-offs was 5.8%, up 40 bps compared to last year.
Alain Dehaze, CEO of the Adecco Group said: “Thanks to the efforts of our more than 32,000 colleagues and around 700,000 associates around the world, we delivered another excellent operating performance in the third quarter with further strong operating leverage. Southern Europe, Benelux and Emerging Markets continue to achieve very good revenue growth, while growth remains modest in our large markets in Western Europe, the USA and Japan. As previously stated, reaching our EBITA margin target of above 5.5% in 2015 depended on an acceleration in revenue growth in the second half of the year. In H2 2015, our organic revenue growth continues to be steady but is not accelerating sufficiently to achieve the EBITA margin target. Adecco will still deliver very strong profitability in 2015. With our continued commitment to price discipline, cost leadership, tight capital management and EVA, we remain confident that we have many opportunities for sustainable profitable growth in the coming years. Adecco has a very solid foundation in its excellent people and strong market positions, and we look forward to continuing to build on this to drive further success in the future.”
In France, revenues were EUR 1.3 billion, up 1%;In North America, revenues were EUR 1.2 billion, an increase of 1%.In the UK & Ireland, revenues were flat at EUR 586 million. In Germany & Austria, revenues were EUR 449 million, up 2%. In Japan, revenues were EUR 275 million, up 2%.In Australia & New Zealand, revenue growth was 4%, with an EBITA margin of 1.0%.In the Emerging Markets, revenue growth accelerated to 16%, with double-digit growth in Latin America, Eastern Europe & MENA, and India. The EBITA margin for Emerging Markets was 3.7%, flat year-on-year.