Adecco Q2 Net Profit Down, Adj. EBITA Rises On Revenue Growth

(RTTNews) - Adecco Group (AHEXY.PK, ADO.L), a Swiss provider of human resources solutions, reported Thursday lower profit in its second quarter on one-time items, while adjusted earnings and EBITA, a key earnings metric, increased from last year, with higher revenues.

Denis Machuel, Adecco Group CEO, said, "Within Adecco, our accelerated focus on technology-enabled productivity has already delivered our full-year target of 50 percent revenues being agent-enabled. We are now raising our ambition to 70 percent coverage by the end of the year."

In the second quarter, net income fell 19 percent to 47 million euros from last year's 58 million euros. Earnings per share were 0.27 euro, down 20 percent from 0.35 euro a year ago.

Adjusted earnings per share were 0.61 euro, compared to 0.46 euro last year.

Adjusted EBITA grew 16 percent year-over-year to 165 million euros, and adjusted EBITA margin improved to 2.8 percent from 2.5 percent last year.

Revenues increased 4 percent to 5.997 billion euros from last year's 5.775 billion euros. The growth was 5.6 percent at constant currency.

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