06/08/2024 - Adecco Group AG: Q2 2024 RESULTS

• Revenues -2% yoy in challenging markets; Group relative revenue growth +375 bps and Adecco GBU +220 bps

• Revenues by GBU, Adecco -2% yoy, Akkodis -2% yoy, LHH -7% yoy

• Robust 19.4% gross margin, -70 bps yoy, reflecting current business mix; pricing firm

• SG&A expenses excl. one-offs improved by 50 bps yoy as a percentage of revenues, at €969 million

• G&A expenses -19% vs Q2 22

• €162 million G&A savings run-rate delivered mid-24 vs 2022 baseline, above ~€150 million target

• Robust 3.1% EBITA margin excl. one-offs, stable yoy, reflecting disciplined cost management including above-target G&A savings, as well as favourable timing of FESCO JV income

• Operating income €113 million, stable yoy, constant currency; Net income €58 million⁴, -2% yoy, constant currency

• Basic EPS €0.35, -2% yoy, constant currency; Adjusted EPS €0.64, -1% yoy, constant currency

• Improved cash performance reflecting good working capital management: operating cash flow +€82 million yoy to €162 million, free cash flow +€100 million yoy to €128 million, cash conversion 84%

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Adecco Group AG published this content on 06 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2024 04:35:27 UTC.