International staffing giant Adecco reported double-digit growth during 2010, according to results released by the company.

Group revenues for 2010 rose 26% (12% organically, ie excluding the impact of currency, acquisitions and divestitures) to €18.7bn (£16bn).

Revenue growth continued to gather pace in Q4 with group revenue increasing by 32% (17% organically) compared with Q4 in 2009.

However, Q4 year-on-year growth in the UK and Ireland fell by 1% organically to €411m. (As Recruiter.co.uk went to press Adecco had not responded to requests for comment.)

Commenting on the results, Patrick De Maeseneire, chief executive of the Adecco Group, says: “2010 was a good year for Adecco. Most markets returned to strong double-digit revenue growth during the year. The growth was mainly driven by the industrial staffing segment, and also the later cyclical office and professional staffing segments returned to growth.

“Our discipline in pricing and cost control led to a strong increase in EBITA (earnings before interest tax and amortisation) of 40%, on an organic adjusted basis, and before integration costs.

“We will continue to take advantage of the good business conditions, while managing our cost base diligently. This, together with the good results achieved in 2010, puts us in a good shape to achieve our mid-term EBITA margin target of over 5.5%.”

2010 versus 2009

• Revenues of €18.7bn up 26% (12% organically)

• Gross margin at 17.8%, down 10 base percentage points [bps] (-90 bps organically and on an adjusted basis)

• SG&A (selling general and administrative expenses) was flat on an organic and adjusted basis, driven by strict cost control

• EBITA margin before integration costs at 4.1%, up 100 bps on an adjusted basis

• DSO (days sales outstanding) at 54 days in 2010 compared to 53 days in 2009

• Gross profit was €3.3bn, up 26% compared to 2009. Organically and adjusted, gross profit increased by 6%.

Q4 2010 versus Q4 2009

• Revenues of €5bn, up 32% (17% organically)

• Gross margin of 17.9%, up 30 bps (-50 bps organically and adjusted)

• SG&A increased by 19% (before integration costs +4%, organically and adjusted)

• EBITA before integration costs of €223m (+51% organically and adjusted)

• EBITA margin before integration costs at 4.5%, up 110 bps on an adjusted basis

At the end of 2010 the Adecco Group had over 32,000 full-time equivalent (FTE) employees worldwide, while operating a network of over 5,500 branches. Compared to year-end 2009, FTE employees were up 4% on an organic basis, while branches were reduced by 4% organically.