Solid Cash Flow from Operating Activities EUR 563 million, up EUR 20 million yoy
Year-end Net debt/EBITDA ratio 2.5x, in line with management expectations
Proposed dividend of CHF 2.50 per share
Denis Machuel, Adecco Group CEO, commented:
"The Group delivered a strong finish to 2023 in a challenging market environment, continuing to gain share while further improving profitability through productivity and disciplined cost reduction. Adecco achieved market share gains for the sixth consecutive quarter, while improving margin. Akkodis faced market headwinds yet still delivered growth in Consulting and a strong EBITA margin driven by excellent synergy capture. In LHH, both Career Transition and Ezra delivered further exceptional growth.
Throughout 2023 we made encouraging progress against our Future@Work Reloaded plan to bring the Group to its full potential. We are simplifying the organisation and are on track to deliver on our ?150 million G&A savings run-rate target by mid-year. Execution has improved through greater local empowerment and performance management rigour, and we are growing market share ? while maintaining the proper balance between top and bottom line. My sincere thanks go to our incredible teams of colleagues, associates, and consultants around the world for a strong 2023.
As we outlined at our Capital Markets Day in November 2023, we will continue to deliver on our Simplify-Execute-Grow plan methodically in 2024. We are harnessing technology to drive efficiencies and competitive edge, reinvigorating our winning culture, and remain laser focused on creating further value for our stakeholders."
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