The Adecco Group: POSITIVE MOMENTUM AND STRATEGIC PROGRESS IN Q3 2017
November 07, 2017 at 11:35 am IST
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POSITIVE MOMENTUM AND STRATEGIC PROGRESS IN Q3 2017
Continued strong performance while investing for profitable growth
Summary and highlights
Revenue growth momentum sustained at 6% organically[1] and trading days adjusted
Q3 EBITA[2] margin 5.4%; leading conversion ratio maintained, while investing in strategic agenda
Underlying productivity continues, with FTE employees up only 2% organically
Streamlining of brand portfolio results in one-time, non-cash charge of EUR 129 million
Net income attributable to Adecco Group shareholders EUR 123 million
Strong cash conversion and balance sheet, with 0.8x net debt[3] to EBITDA excluding one-offs[4]
Launch of YOSS, a new online freelancer platform, co-created with Microsoft
Revenue growth trend in September and October slightly above Q3 2017
"In Q3 2017, we made excellent progress on our strategic agenda to Perform, Transform and Innovate. We continued to perform, with positive growth momentum and another quarter of strong productivity, as 2% organic growth in FTE employees supported underlying revenue growth of 6%. Cash conversion also remained strong. We achieved this while investing in our key strategic initiatives: GrowTogether and Digital Ventures.
With GrowTogether we are transforming the core of our business, to drive differentiation and enhance productivity. During Q3 we accelerated IT infrastructure investments, beginning the roll-out of a new integrated front-office solution in several key markets. We also strengthened our partnership with Mya Systems, a leading AI player in HR tech, deploying the tool at a number of large US customers. In October, we further illustrated our commitment to innovation with the launch of an exciting new Digital Venture: YOSS. Co-created with Microsoft, YOSS provides a marketplace for freelancers and companies, along with value-added services and best-in-class data protection and security.
At our core we remain a people business, and the commitment of our more than 33,000 colleagues is our greatest asset. We were therefore delighted to be ranked 2nd in the Great Place to Work® - World's Best Workplaces 2017."
Alain Dehaze, Group Chief Executive Officer
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Adecco Group AG, formerly Adecco S.A., provides human resource (HR) services. The Company's services include temporary staffing, permanent placement, outsourcing, career transition. It operates through two business lines: Staffing and Solutions. The Staffing business line includes General Staffing, which includes Office and Industrial, and Professional Staffing, which includes Information Technology, Engineering and Technical, Finance and Legal, and Medical and Science. The Solutions business line includes Business Process Outsourcing, which includes Managed Service Programs, Recruitment Process Outsourcing and Vendor Management System, and Career Transition and Talent Development, which includes outplacement, career development, change management solutions, training and consulting. Its segments include France, North America, UK & Ireland, Germany & Austria, Japan, Italy, Benelux, Nordics, Iberia, Australia & New Zealand, Switzerland, Emerging Markets and Lee Hecht Harrison.