Q3 2022 Financial Outcomes
The Adecco Group, a leading global workforce solutions provider, is set to host a business update today at 9:30 AM CET. In preparation for this event, here's a summary of the key points from the company's recent financial performance and future plans.
Financial Performance
The Adecco Group has reported a 16% increase in revenues, with a 6% year-on-year organic Temporary Work (TDA) growth. The Group's gross margin stands at 21.0%, supported by a favourable mix and pricing. Operating income was €164 million, with Basic Earnings Per Share (EPS) at €0.65 and Adjusted EPS at €0.90, down 17% year-on-year.
Despite the decline in EPS, the robust EBITA margin excluding one-offs remained strong at 3.6%, thanks to improvements in conversion ratio and productivity. Gross profit increased by 5% organically year-on-year, with Permanent Placement fees up by 23% year-on-year.
Synergy and Cost Savings
AKKA, a subsidiary of the Adecco Group, is on track with over €40 million in 2023 revenue synergies won. The year-end 2022 total EBITA synergy run-rate exceeded €40 million as well. In addition, the Group has announced a Group General and Administrative (G&A) cost savings plan, targeting a €150 million run-rate by mid-2024.
Future@Work Reloaded
Denis Machuel, the CEO of the Adecco Group, unveiled a plan called "Future@Work Reloaded" to improve operational and financial performance. This detailed operational plan aims to sharpen execution, strengthen resilience, and enhance operational and financial performance.
Contact Information
For media inquiries, please contact the Adecco Group Press Office at media@our website or by phone at 41 (0)44 878 87 87. For investor relations, you can reach out to investor.relations@our website or by phone at 41 (0)44 878 88 88.
Stay tuned for the Adecco Group's business update today for more details on their plans to improve financial performance. The specific individuals who will be presenting in the update are not publicly detailed in available information at this time.
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