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Adecco North America Revenue Edges Up

May 08 2012

Adecco SA, the world’s largest staffing firm, reported first-quarter North America revenue rose 1 percent on a constant currency basis to €964.0 million (US$1.29 billion) from the same period last year. The increase was 4.7 percent in euros.

North America industrial and office/clerical staffing revenue rose 3 percent in constant currency in the first quarter.  However, professional staffing revenue was flat year over year with North America IT staffing revenue falling by 7 percent in constant currency in the first quarter.

In other North America professional staffing segments during the first quarter:

  • Engineering and technical revenue fell by 1 percent in constant currency.
  • Finance and legal revenue rose by 11 percent in constant currency.
  • Medial and science revenue rose by double digits in constant currency.
  • Permanent placement revenue rose by 14 percent in constant currency.

Adecco acquired MPS Group Inc. in January 2010. North America integration costs in the first quarter were €2.0 million (US$2.7 million).

Adecco’s first-quarter global revenue rose 1 percent in constant currency to €5.04 billion (US$6.72 billion) from €4.92 billion in the year-ago quarter. The increase in euros was 2.4 percent.

The company reported global office/clerical and industrial staffing revenue fell by 1 percent in constant currency during the first quarter. Professional staffing revenue rose by 6 percent in constant currency.

Managed service provider (MSP) and vendor management system (VMS) revenue in the first quarter rose by double digits in constant currency.

Lee Hecht Harrison, Adecco’s outplacement division, reported first-quarter revenue rose 35 percent in constant currency but fell 1 percent organically, which excludes acquisitions. Adecco acquired Drake Beam Morin, which at one time ranked as the third-largest outplacement provider in the U.S., in September 2011. Adecco said integration costs during the first quarter totaled €3.0 million (US$4.0 million).

Adecco’s global first-quarter gross margin rose to 18.2 percent from 17.4 percent in the year-ago quarter.

First-quarter net income attributable to Adecco shareholders rose 12.0 percent to €112.0 million (US$149.4 million).

Adecco SA
For the first quarter ended March 31, 2012, compared with the same period last year.
Revenue: €5.04 billion (US$6.72 billion), +2.4 percent
Net income attributable to Adecco shareholders: €112.0 million (US$149.4 million), +12.0 percent

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