Country for PR: United Kingdom
Contributor: PR Newswire Europe
Tuesday, November 02 2021 - 16:45
AsiaNet
The Adecco Group: Q3 2021 Results
ZURICH, Nov. 2, 2021 /PRNewswire-AsiaNet/ --

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

Profitable growth and record gross margin

- Revenues up 9% organic TDA1, led by US Professional Recruitment +26%, Global 
Professional Recruitment +28%, Adecco Southern Europe & EEMENA +21% and Modis 
+14% 
- Gross profit up 16%2; led by Professional Recruitment up ~50% and Adecco +18% 
- Record 20.8% gross profit margin, up 120 basis points, driven by portfolio, 
better mix, pricing 
- EBITA excluding one-offs3 EUR 250 million; 4.8% margin, up 30 basis points 
- Operating income EUR 196 million, up 75% 
- Cash conversion 69%, reflecting normal working capital absorption due to 
improving revenue growth 
- Strong strategic progress, including acquisition of QAPA and BPI Group and 
planned reorganisation of Talent Solutions/LHH operating model 
- AKKA transaction financing completed, securing financing synergies of 
approximately EUR 10 million p.a. post-completion4; integration planning firmly 
on track 

Alain Dehaze, Adecco Group CEO, commented: "Our three global business units – 
Adecco, LHH (Talent Solutions) and Modis – continue to progress our long-term 
Future@Work strategy, delivering growth, a record gross profit margin and 
sector-leading EBITA margin that reflects the strength of this portfolio and 
our focus on higher-value services."

"Among our global business units, Adecco's revenues are above 2019 levels in 
Southern Europe & EEMENA region, Latin America, Canada and APAC, led by Japan 
and Australia. LHH (Talent Solutions) saw excellent growth in Professional 
Recruitment, with permanent placement now ahead of 2019 levels." 

"Modis executed strongly and generated revenues above 2019 levels. I am pleased 
to see the integration plan for AKKA progressing at full speed. Financing for 
the transaction was completed in September and, subject to the regulatory 
approvals process, we anticipate acquiring a controlling stake in early 2022." 
 
FULL PRESS RELEASE:  
https://mma.prnewswire.com/media/1675625/Adecco_Group_Q3_2021.pdf

Unless otherwise noted, all growth rates in this release refer to same period 
in prior year. 
1 On an organic and trading days adjusted basis. 
2 On an organic basis. 
3 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. 
4 Post-completion, subject to customary approvals. 

The Adecco Group, Investor Relations, +41 (0)44 878 88 88

PDF - https://mma.prnewswire.com/media/1675625/Adecco_Group_Q3_2021.pdf 
Logo - https://mma.prnewswire.com/media/1197818/The_Adecco_Group_Logo.jpg 

Source:  The Adecco Group