In the news release, AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange, issued 07-May-2024 by The Adecco Group over PR Newswire, we are advised by the client that the headline should read "The Adecco Group: Q1 24 Results" rather than "[AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange, issued 07-May-2024]" as incorrectly transmitted by PR Newswire. The complete, corrected release follows:
The Adecco Group: Q1 24 Results
Further strong market share gains, disciplined execution
By GBU, Adecco, +1% yoy, of which APAC +14%, Southern Europe & EEMENA +8%, DACH +7%; LHH -5%, with Career Transition & Mobility +9%; Akkodis -2%, with Consulting +5%
Healthy 19.8% gross margin, +20 bps qoq, -100 bps yoy, mainly reflecting current business mix; pricing firm
Resilient 2.8% EBITA margin excl. one-offs, -30 bps yoy, or -10 bps yoy when excluding the impact from the timing of FESCO JV income, with gross margin developments substantially mitigated by rigorous cost discipline
Operating income ?122 million, -12% yoy, constant currency; Net income ?73 million, -20% yoy
On track to deliver ~?150 million G&A savings, net, in run-rate terms, mid-2024
Denis Machuel, Adecco Group CEO, commented:
"The Group demonstrated strong operational progress in the first quarter. We achieved revenue stability and maintained firm pricing discipline amidst challenging market conditions while driving further cost improvement across the business. Adecco delivered significant market share gains with a healthy gross margin. Akkodis faced ongoing tech staffing headwinds while achieving solid growth in its higher-value consulting business, which lifted overall profitability. In LHH, Career Transition and Ezra once again outperformed, and the business delivered an improved margin. We remain laser-focused on the elements within our control ? competitive outperformance and market share expansion, together with cost discipline. The G&A savings programme is on track, and at the same time, the Group is preserving resources, where appropriate, to ensure it can swiftly capitalise on the future market rebound."
eWTP Arabia Capital Technology Fund I ("Techology Fund I"), managed by eWTP Arabia Capital ("eWTPA"), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the...
Celltrion partners with TV star Mollie Pearce to launch the second installation of the Where's Crohn's & Colitis (CC)? campaign for this year's World IBD Day (19 May 2024).
The campaign focuses on access to IBD care and treatment as the burden of...
The global industrial automation market in life sciences industry size is estimated to grow by USD 5.06 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.4% during the forecast period. ...
Gilead Sciences, Inc. , following the recent acquisition of CymaBay Therapeutics, Inc., today announced interim results from the ongoing ASSURE study demonstrating treatment with seladelpar, an investigational PPAR delta agonist, led to improvements...
Mirum Pharmaceuticals, Inc. today announced data presented during the 56th European Society for Paediatric, Gastroenterology, Hepatology, and Nutrition (ESPGHAN) Annual Meeting which took place this week in Milan, Italy. Data from LIVMARLI®...