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August 12, 2009

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Adecco reports Q2 loss

THE staffing giant Adecco SA reported a second-quarter net loss of 147 million euros (US$209 million) yesterday as revenues continued to decline during the global economic downturn.

The results represent a sharp turnaround on the same period last year, when the Switzerland-based company recorded a net profit of 212 million euros.

The loss was unexpected as analysts had been forecasting a profit of 50 million euros.

A more detailed look at the company's statement shows that revenues declined 32 percent to 3.6 billion euros, with the sharpest drop recorded in its core market in France, where revenues declined 10 percent to 1.18 billion euros. The Benelux region (Belgium, Netherlands and Luxembourg) saw a similar drop to 192 million euros, while revenues in the United States and Canada rose 29 percent to 543 million euros.

The company indicated the worst may be over.

"The pressure on the revenue decline rate has eased in most markets over the course of Q2 2009," Chief Executive Patrick De Maeseneire said.

He added efforts to lower costs were paying off with a 21 percent drop in costs.


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