Second-quarter revenue at Adecco, the world’s largest staffing firm, rose by 4% in constant currency to €5.58 billion (US$6.19 billion), a similar level to the first quarter. Second-quarter revenue also rose 4% on an organic basis; Adecco measures organic growth by excluding the impact of currency, acquisitions and divestitures.

North America revenue rose 28% in the second quarter, but increased 2% on an organic basis. France surpassed North America in terms of revenue for Adecco.

Adecco noted the overall trend in its businesses in Europe has continued to become more positive and growth remains robust in Emerging Markets. This has been offset by some moderation of growth in North America.

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“In the second quarter we delivered another solid performance that was in line with our expectations,” said CEO Patrick De Maeseneire. “The economic environment continued to improve in most of Europe. Revenues in France and Germany returned to growth and we saw a further acceleration in Benelux and Italy, while Iberia and Eastern Europe again achieved double-digit growth. The improvement in Europe was partly offset by a moderation in growth in North America.”

De Maeseneire continued, “In July, revenue growth for the group was similar to the second quarter, organically and adjusted for trading days. We are committed to achieving our EBITA margin target of above 5.5% in 2015, which is dependent on an acceleration of revenue growth in the second half of the year. Given the trends in our business and the current economic outlook, and helped by an easier comparison base, we continue to expect such a pick-up. Based on this positive outlook, we remain convinced we will achieve our target.”

Alain Dehaze, Adecco’s regional head of France, will replace De Maeseneire as CEO of Adecco Group next month.

Revenue by segment

*In Q2 2015 revenues changed organically in North America by 2%. 

Revenue by business line

*BPO includes managed services programs (MSP), recruitment process outsourcing (RPO) and vendor management systems.

All revenue changes in below country notes are reported on an organic basis, which excludes impact of currency, acquisitions and divestitures.

France

• Revenue rose 2% to €1.2 billion
• Industrial, which accounts for over 85% of revenue, increased by 3%
• Construction showed signs of sequential stabilization, while growth in logistics and automotive continued to improve
• Revenue was flat in office and fell 10% in professional staffing
• Permanent placement revenue rose 10%

North America

• Revenue rose 2% to €1.2 billion
• General staffing, which accounts for approximately half of revenue, rose by 4%
• Industrial revenue rose 11% while office revenue declined 4%
• Professional staffing revenue was flat, with growth of 10% in medical and science; 5% in finance and legal and 3% in IT
• Engineering and technical declined by 9%
• Permanent placement revenue rose 12%

UK and Ireland

• Revenue edged down 1% to €564 million.
• Approximately two-thirds of revenues come from professional staffing, which declined by 3%. This included revenue decline of 2% in IT, 1% in finance and legal and 26% in engineering and technical
• Within general staffing, the majority of revenue is in office, which increased by 4%.
• Permanent placement revenue edged down 1%

Germany and Austria

• Revenue rose €423 million
• Industrial revenue, which accounts for approximately 75% of revenue, increased by 4%.
• Office revenue was flat
• Professional Staffing revenue fell 1%

Japan

• Revenue rose 3% to €281 million, up 3%
• Revenue rose 5% in office, which accounts for approximately 75% of revenue in Japan
• Revenue growth remained solid in professional staffing, which comprises IT and engineering and technical

Nordics

• Revenue fell 9%
• Revenue development improved further in Sweden, but deteriorated in Norway, attributable to a very challenging market environment

Emerging markets

• Revenue rose 11%
• The EBITA margin for emerging markets was 3.6%, up 60 basis points year-on-year

Lee Hecht Harrison

• Revenue rose 4%
• Knightsbridge, Adecco’s acquired business in Canada, is consolidated since April 2015