Adecco Records 27 Percent Revenue Drop

November 10, 2009 – Swiss-based HR solutions company Adecco has posted third quarter revenues of EUR 3.7 billion, down 27 percent from revenues of EUR 5.1 billion during the same period a year ago. The company recorded a 46 percent drop in net profit, to EUR 90 million, but said demand was slowly recovering from low levels. “Market conditions have improved during the third quarter, especially in general staffing, and we have seen a gradual improvement of the revenue trend for the Adecco Group. Our efforts to structurally optimize our operations have led to a clearly lower SG&A base,” said Patrick De Maeseneire, CEO. “The positive revenue trend and the reduction in costs have resulted in an adjusted EBITA margin of 3.4 percent, a material sequential increase of 100 basis points. As in the past, we will act in a highly disciplined way with regards to pricing and further optimize our underlying cost base.”