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Adecco posts lower quarterly net income

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Adecco posts lower quarterly net income

Net income attributable to Adecco Group AG shareholders fell to 170 million, or 1.02 per share, in the second quarter, compared with the restated 192 million, or 1.13 per share, a year ago.

Revenues edged up 1% year over year to 6.05 billion from 5.97 billion. In organic terms, revenues were up 5%.

EBITA fell to 260 million in the three months to June from 288 million a year ago, bringing the EBITA margin down to 4.3% from 4.8%. The Swiss staffing company said EBITA margin was affected by investments under its "Perform, Transform, Innovate" strategic agenda, as well as the ongoing consolidation of its general staffing businesses in Germany.

Reported gross profit ticked up 2% year over year to 1.11 billion from 1.09 billion.

For the six months to June, net income fell to 300 million from 368 million a year ago. First-half revenues came in at 11.74 billion, compared with 11.70 billion a year ago.

Group CEO Alain Dehaze said Adecco is on track to deliver 50 million of productivity savings in the second half, supporting an expected improvement in the company's margin trend during the period.