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Adecco FY19 Profit Climbs, Revenue Down; Sees Profit Growth In FY20

Adecco Group (AHEXY.PK,ADO.L), a provider of human resources solutions, reported Wednesday that its fiscal 2019 net income attributable to shareholders climbed 59 percent from last year to 727 million euros.

EBITA margin excluding one-offs was 4.6 percent, up 10 basis points from last year.

Revenues, meanwhile, dropped 2 percent from last year on a reported basis, and was down 3 percent organically and trading days adjusted or TDA. The company noted that economic growth and staffing markets slowed in Europe and North America.

In the fourth quarter, revenues went down 3 percent year-on-year, and down 4 percent organically and TDA.

The company noted that revenues in January 2020 was down 5 percent TDA year-on-year, with volumes in February indicating a similar trend.

Looking ahead, Alain Dehaze, Group Chief Executive Officer, said, "2020 will mark the final year of our current strategic cycle and focus remains on delivering further margin improvement and profitable growth. … We remain committed to achieving the EUR 250 million GrowTogether productivity target for 2020."

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