-- Significant revenue improvement and strong margin performance


    -- Revenues up 29% on an organic,1 trading days adjusted basis ("TDA"), 
       led by Adecco, up 33% organic TDA 
    -- Revenue growth strongest in higher-value activities; Permanent 
       Placement up 88% organic and Training, Upskilling & Reskilling up 78% 
       organically 
    -- Gross profit up 39% organically, with growth in all Global Business 
       Units, led by Adecco 
    -- Gross margin 20.1%, up 140 bps organically reflecting improved mix, 
       pricing discipline 
    -- EBITA(1) excluding one-offs EUR 237 million; 4.5% margin, up 270 bps, 
       with gross margin performance supported by strong productivity 
    -- Operating income EUR 211 million, up 627% 
    -- Cash conversion of 64%, impacted by working capital absorption due to 
       the improving revenue growth 
    -- Revenues in June 2021 up 23% organically and TDA

Logo - https://mma.prnewswire.com/media/1197818/The_Adecco_Group_Logo.jpg 

Alain Dehaze, Adecco Group CEO, commented: "The second quarter performance was 
strong with positive momentum throughout, particularly in Permanent Placement. 
Revenues are now 5 percent below pre-crisis levels on an underlying basis, 
while the Group's gross profit is now broadly in line with pre-crisis levels. 
This is well aligned to the Group's drive to deliver sustainable, profitable 
growth through organic and inorganic actions. Our businesses continued to 
execute well, with margin improvement supported by mix, pricing and strong 
productivity. At the same time, the Group has begun to extend its investment in 
sales to drive growth."

"We have seen pockets of talent scarcity and wage inflation in our end-markets, 
particularly in technology solutions, and the pace of recovery in Permanent 
Placement is unprecedented. We are cautiously optimistic that all our service 
lines, including Flexible Placement, have scope to recover further in the 
quarters ahead. We are confident that with the implementation of our 
Future@Work strategy, including the digital transformation of our business, we 
will be optimally positioned to take market share," he added. 

FULL PRESS RELEASE (PDF) ( 
https://www.adecco-jobs.com/-/media/project/adeccogroup/pdf-files/smart-industry/adecco-group-q2-2021-group-results-release.pdf/?modified=20210727195459 
)

Contact Details:
The Adecco Group
Investor Relations
+41 (0)44 878 88 88

Unless otherwise noted, all growth rates in this release refer to same period 
in prior year. 

(1) For further details on the use of non-GAAP measures in this release, refer 
to the Financial Information section and the Additional Information Section of 
the 2020 Annual Report.  

SOURCE  The Adecco Group