FINANCIALS: Adecco revenues fall by more than €2m

Recruitment giant Adecco Group’s half year 2020 revenues dropped by more than €2m (£1.8m) from the same period last year, according to the company’s half-year report released today.

The company reported revenues of €9.3m in the first half of 2020, compared with €11.5m in the first half of 2019, the report said.

“Revenues declined by 18% organically… The decline was broad-based, reaching a trough in April, after which a moderate recovery started,” the report said. 

In Q2, revenues declined by 28%, with the rate of decline greatest in April and improving as the quarter continued. The decline in June was 26% “and July showing further gradual improvement”, the report said.

Highlights of the report included:

  • Revenues in temporary staffing for the half year were down 21% on a reported basis and down 20% organically, compared to the previous year
  • Revenues in permanent placement were down 26% both on a reported basis and organically
  • Career transition services’ revenues increased by 6% on a reported basis and 5% organically
  • Workforce Solutions in the Adecco brand experienced a revenue decline of 20% (organically)
  • Professional Solutions revenue declined by 15%, comprising decreases of 6% in Modis, 18% in Badenoch & Clark/Spring Professional, and 27% in other professional brands, all on an organic basis
  • In Talent Solutions and Ventures, revenues decreased by 4%, with flat levels in Lee Hecht Harrison (LHH) and Pontoon, and down 18% in Ventures.

The report also broadly outlines €40m of restructuring costs incurred during the first six months of 2020, with such costs amounting to a total of €16m in divisions of North America, UK & Ireland and acquisition costs in different divisions in the region of €3m. The company said the restructuring costs related to the Covid-19 pandemic as well as Adecco’s Grow Together transformation programme, which began in 2017.

• Comment below on this story. Or let us know what you think by emailing us at [email protected] or tweet us to tell us your thoughts or share this story with a friend.

FINANCIALS: Gattaca NFI exceeds previous period

Specialist engineering and technology staffing business Gattaca has achieved 7% higher net fee income (NFI) in the first half of 2021 than during the same period last year.

Financials 17 August 2021

FINANCIALS: Empresaria’s profits up, but revenue declines

Global and multi-sector recruitment group Empresaria has announced its unaudited interim results for the six months ended 30 June 2021.

Financials 12 August 2021

FINANCIALS: Staffline expects revenues and GP to increase

Recruitment and training group Staffline expects its H1 2021 revenues to reach £450.7m, an increase of 4.7% from the same period last year.

Financials 28 July 2021

FINANCIALS: Group revenues up for Adecco

Adecco is reporting “significant revenue improvement” and strong margin performance in its Q2 2021 financial results, announced today (28 July 2021).

Financials 28 July 2021
Top