Adecco Posts Seven Percent Revenue Increase

May 17, 2010 – Swiss-based HR solutions company Adecco has posted first quarter revenues of EUR 4.0 billion, up seven percent compared to the same period a year ago. Permanent placement revenues amounted to EUR 61 million in Q1 2010, an increase of 17 percent in constant currency (-five percent organically) and outplacement revenues totaled EUR 63 million, a decline of 26 percent in constant currency. The temporary staffing business had a negative impact of 70 bps on the gross margin in Q1 2010 and the outplacement business negatively impacted the gross margin by 60 bps. The impact on gross margin from the permanent placement business was neutral in Q1 2010. “We saw very good demand progression primarily in the general staffing segment in our main markets France and North America, where revenues returned to year-on-year growth in Q1 2010,” said Patrick De Maeseneire, CEO. “Looking into the second quarter, we continue to see good revenue developments in the majority of our markets. We will continue our strong cost control, which together with our disciplined pricing, position us very well to take full advantage of the improving economic conditions.”