Adecco: Q2 earnings plummet 78%
(CercleFinance.com) - On Thursday Adecco, the world leader in temporary employment, reported Q2 earnngs that are down 78%, a decline that the group says is a result of the Covid pandemic.
The Swiss temporary employment and recruitment specialist reported Ebita of 50 million euros, compared to 241 million euros a year ago.
Sales for the April-June quarter fell by 28% organically to 4.2 billion euros.
However, in its release, the Zurich based group notes that business trends have improved in recent weeks, with a limited 26% decline in organic sales adjusted for working days in June, followed by a "gradual" further improvement in July.
Despite this, the recovery is likely to be gradual and potentially volatile, as many uncertainties remain, ir warned.
The Adecco share was up over 2% at noon, while the Swiss stock market lost around 0.4%.
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