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Adecco North America Q4 Revenue Flat

March 01 2012

Adecco SA reported fourth-quarter North America revenue fell 1.1 percent to €917.0 million (US$1.19 billion) from the fourth quarter of last year, and was flat on a constant currency basis.

Switzerland-based Adecco, the world’s largest staffing firm, reported general staffing revenue rose 2 percent in North America as measured in constant currency. However, professional staffing revenue fell 2 percent.

Growth in professional staffing was held back by the information technology staffing business where revenue fell 8% in constant currency, the company reported. In addition, the North America engineering and technical segment had tough comparisons — revenue fell 1 percent in constant currency in the fourth quarter of 2011 but rose 36 percent organically (excluding the impact of acquisitions and the impact of currency) in the fourth quarter of 2010.

In the general staffing category, office/clerical staffing revenue rose 12 percent in North America as measured in constant currency while industrial staffing revenue fell by 6 percent.

Fourth-quarter North America permanent placement revenue rose 14 percent in constant currency.

Adecco noted that North America revenue in January rose slightly.

Fourth-quarter revenue for the full company rose 4.0 percent to €5.19 billion (US$6.73 billion) from €4.99 billion in the same period in the previous year. The increase in constant currency was also 4 percent. However, fourth-quarter gross margin was unchanged at 17.9 percent.

Lee Hecht Harrison, Adecco’s outplacement division, reported fourth-quarter revenue of €74.0 million (US$95.8 million), up 32 percent in constant currency and down 1 percent organically (excluding currency and acquisitions). The fourth quarter includes revenue from Drake Beam Morin Inc., which Adecco acquired last year.

Fourth-quarter net income fell 5.7 percent to €133.0 million (US$172.2 million).

North America revenue for full-year 2011 rose 10 percent in constant currency to €3.65 billion (US$4.72 billion).

Adecco revenue for the full company in 2011 rose 10.1 percent, or 11 percent in constant currency, to €20.55 billion (US$26.60 billion) from €18.66 billion in 2010.

2011 gross margin narrowed to 17.4 percent from 17.8 percent in 2010.

Full-year net income rose 22.4 percent to €519.0 million (US$672.0 million).

Adecco SA
For the fourth quarter ended Dec. 31, 2011, compared with the same period in 2010.
Revenue: €5.19 billion (US$6.73 billion), +4.0 percent
Net income: €133.0 million (US$172.2 million), -5.7 percent
For the full-year ended Dec. 31, 2011, compared to the previous year.
Revenue: €20.55 billion (US$26.60 billion), +10.1 percent
Net income: €519.0 million (US$672.0 million), +22.4 percent

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