Adecco revenue falls under economic downturn
The world's largest staffing company, Adecco, has reported a 32 per cent drop in revenue in the second quarter of 2009, bucking expected profit forecasts.
The Swiss-based company announced a second-quarter net loss of €147 million (SFr225 million) on Tuesday as revenues continued to fall during the global economic downturn. Analysts had been forecasting a profit of €29 million.
The tumble was a sharp contrast to the same period last year when the group recorded a net profit of €212 million.
Revenue fell sharpest in Adecco’s core market of France, by ten per cent to €1.18 billion, while that in the United States and Canada rose 29 per cent to €543 million.
Chief executive Patrick De Maeseneire said efforts to lower costs were starting to pay off with a 21 per cent drop in costs but there were plans for further cost-cutting measures in the second half of the year.
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