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Adecco: North America Revenue Rises

March 03 2011

Adecco SA, the world's largest staffing firm, reported fourth-quarter North America revenue rose by 18 percent on an organic basis, which excludes the effects of currency, acquisitions and divestitures. On a nonorganic basis, fourth-quarter North America revenue rose 70 percent to euro953 million (US$1.26 billion) from euro562.0 million in the fourth quarter of last year.

Fourth-quarter North American outplacement business remained weak, the company said, while general staffing revenue grew by 25 percent organically. Professional staffing was also solid in North America, Adecco said.

Total fourth-quarter revenue was euro4.99 billion (US$6.62 billion) in fourth-quarter revenue, up 32 percent (17 percent on an organic basis) over the year-ago quarter. Net income was euro141 million, compared with net income of euro42 million in the 2009 fourth quarter. Gross margin rose to 17.9 percent from 17.6 percent in the 2009 quarter.

North America accounts for 19 percent of the company's revenue. France is its largest contributor, at 30 percent. All other regions account for less than 10 percent of the company's fourth-quarter revenue, the company said. Breaking down revenue by industry, industrial accounted for about half of the company's fourth-quarter revenue. Office was the second-largest market, at 20 percent, with IT coming in third, with 11 percent of revenue.

Full-year 2010 revenue was euro18.66 billion (US$24.72 billion), up 12 percent on an organic basis and 26 percent on a nonorganic basis. Net income was euro423 million (US$560.5 million). Gross margin edged down to 17.8 percent from 17.9 percent year over year.

"2010 was a good year for Adecco. Most markets returned to strong double-digit revenue growth during the year. The growth was mainly driven by the industrial staffing segment, and also the later cyclical office and professional staffing segments returned to growth," said Patrick De Maeseneire, CEO.

Adecco SA
For the fourth quarter ended Dec. 31, 2010, compared with the same quarter in 2009
Revenue: euro4.99 billion (US$6.62 billion), +31.9 percent
Net income: euro141 million (US$186.8 million) vs. net income of euro42.0 million

For the full year ended Dec. 31, 2010, compared with 2009
Revenue: euro18.66 billion (US$24.72 billion), +26.1 percent
Net income: euro423 million (US$560.5 million) vs. income of euro8 million in 2009.

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