Third-quarter revenue at The Adecco Group rose 3% year over year on an organic, trading days-adjusted basis to €5.96 billion (US$6.31 billion).

On a reported basis, revenue decreased by 1% over the previous year.

“In a challenging macroeconomic environment, the group delivered good growth and a stronger relative revenue performance, with a strengthened EBITA,” CEO Denis Machuel said in a press release.

“Adecco North America showed further positive signs of turnaround progress and achieved profitability,” Machuel said. “Akkodis continued to expand its consulting business while actively managing the significant downturn in the tech staffing market. This, combined with productivity gains and delivery of synergies, resulted in improved profitability. LHH delivered a strong margin, with very good growth in both career transition and Ezra.”

Revenue was in line with analyst forecasts, according to Reuters.

All growth rates below refer to the year-ago period, with revenue stated on an organic and trading days adjusted basis:

Adecco

In Adecco, the company’s largest business unit, revenue rose 4%.

However, the business unit’s North American revenue fell 8%. The company noted the auto and consumer goods markets were solid, but IT and financial services were subdued.

Latin American revenue rose 23% led by Argentina and Mexico. The company cited growth in outsourcing. It also pointed to strong markets in IT and healthcare.

For further coverage of Adecco’s Europe and Asia Pacific results is available in the Europe edition of this article.

Akkodis

Revenue in the company’s Akkodis business unit revenue fell 3%, and the company noted a sharp reduction in tech-sector activity. Tech staffing revenue fell 19%, while consulting revenue rose 8%.

In Akkodis’ North American operations, revenue fell 16%, impacted by a sharp downturn in staffing activity for tech talent, particularly permanent placement. However, Akkodis’ North American consulting revenue rose 24%.

LHH

LHH revenue rose 2%.

Pontoon, which is included in this business unit, saw revenue rise 4% in the third quarter. The company described Hired revenue as subdued.

The “career transition and mobility” business of LHH, which includes outplacement, saw revenue rise 84%, led by the US.

Chief human resources officer

Separately today, Adecco Group announced the appointment of Daniela Seabrook as chief human resources officer and member of its executive committee, effective Jan. 1.

Seabrook was most recently chief HR officer at Philips, and previously spent more than 12 years at Syngenta.

Seabrook succeeds Gordana Landen, who will retire on Jan. 31. Landen has served as chief HR officer of the group since January 2019.

Guidance

The Adecco Group expects fourth-quarter gross margin to be around third-quarter levels.

Share price

Shares in Adecco closed up 13.88% to 39.31 Swiss francs (US$43.24) today in Europe; they set a new 52-week high when they reached 39.55 Swiss francs (US$43.50), according to FT.com.