Adecco Group announced today its Q2 financial results where an increase in revenue of 29 percent was recorded. Revenue growth for the Group was strongest in higher-value activities with permanent placements up by 88 percent; and training, upskilling and reskilling up 78 percent. The Group’s gross profit increased by 39 percent organically, with substantial growth recorded in all Global Business Units which, considering the uncertainty of the market so far this year, is notable. Operating profits of €237m, excluding one-offs, were recorded with gross margin performance supported by strong productivity across the business.

Alain Dehaze, Adecco Group CEO, commented: “The second quarter performance was strong with positive momentum throughout, particularly in Permanent Placement. Revenues are now 5 percent below pre-crisis levels on an underlying basis, while the Group’s gross profit is now broadly in line with pre-crisis levels. This is well aligned to the Group’s drive to deliver sustainable, profitable growth through organic and inorganic actions. Our businesses continued to execute well, with margin improvement supported by mix, pricing and strong productivity. At the same time, the Group has begun to extend its investment in sales to drive growth.”

“We have seen pockets of talent scarcity and wage inflation in our end-markets, particularly in technology solutions, and the pace of recovery in Permanent Placement is unprecedented. We are cautiously optimistic that all our service lines, including Flexible Placement, have scope to recover further in the quarters ahead. We are confident that with the implementation of our Future@Work strategy, including the digital transformation of our business, we will be optimally positioned to take market share,” he added.

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