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Adecco North American Revenue Rises

August 10 2011

Adecco SA, the world’s largest staffing company, reported today second-quarter North American revenue rose approximately 2 percent, or 12 percent on a constant currency basis, to €905.0 million (US$1.30 billion).

North American industrial staffing revenue rose by 13 percent, on a constant currency basis, while the region’s office staffing revenue rose 24 percent in constant currency.

Professional staffing was pulled down by the information technology segment, which fell 1 percent in constant currency. Engineering and technical staffing rose 12 percent in constant currency, while finance and legal (combined) rose by 4 percent in constant currency.

North American direct hire revenue rose by 32 percent on a constant currency basis.

Total second-quarter revenue for Switzerland-based Adecco rose 11.2 percent (or 13 percent in constant currency) to €5.17 billion (US$7.43 billion). Gross margin narrowed to 16.9 percent from 17.8 percent in the year-ago quarter, due in part to growth in lower-margin industrial staffing business.

Second-quarter net income rose 45.4 percent to €141 million (US$202.9 million).

Adecco had approximately 33,000 full-time equivalent employees at the end of the second quarter (up 1 percent from the year-ago quarter) and a network of more than 5,500 branches.

Adecco announced plans on July 26 to acquire outplacement firm Drake Beam Morin Inc., which ranked as the third-largest U.S. outplacement firm after Adecco’s Lee Hecht Harrison division, according to Staffing Industry Analysts’ 2011 list of largest U.S. outplacement firms. Lee Hecht Harrison posted second-quarter global revenue of €52.0 million (US$74.8 million), a year-over-year decline of 15 percent in constant currency.

Adecco SA
For the second quarter ended June 30, 2011, compared with the same period in 2010.
Revenue: €5.17 billion (US$7.43 billion), +11.2 percent
Net income: €141.0 million (US$202.9 million), +45.4 percent


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