Spring MPS integration reason for negative growth, says Adecco
Focusing on the integration of Spring and MPS was a primary reason for the fall in Adecco UK and Ireland’s revenue reduction in Q4 of 2010, according to Adecco.
Yesterday’s results released by Adecco Group showed that while revenue growth for the Adecco Group as whole increased by 32% (17% organically, ie excluding the impact of currency, acquisitions and divestitures) compared with Q4 in 2009, Q4 year-on-year growth in the UK and Ireland fell by 1% organically to €411m (£352m).
In a written statement, an Adecco statement explained that one reason for this was because “the successful integration of Spring and MPS was the main focus in 2010”.
Adecco completed the acquisition of US recruiter MPS Group in January 2010. Following the acquisition, Badenoch & Clark, Modis International and Judd Farris became part of Adecco UK and Ireland.
The statement continued: “Our focus continues to be on profitable growth. On that basis, we showed a good performance.
“We had a very strong organic permanent placement growth of 43% in Q4 after 38% in Q3 2010.”
