Adecco’s Q2 results were in line with consensus estimates on revenues, marginally above on gross profits but below on EBITA, net income and organic growth. While the gross margin was better, EBITA was once again affected by higher investments in the business and lower margins from LHH. CFO was negative due to one-off costs and increased working capital requirement. In Q3, Adecco expects solid yoy growth in revenues and, in H2, it expects a higher EBITA margin and CFO generation.
04 Aug 2022
Another profitability-impaired quarter; AKKA being integrated; margin hope pinned on H2
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Another profitability-impaired quarter; AKKA being integrated; margin hope pinned on H2
Adecco’s Q2 results were in line with consensus estimates on revenues, marginally above on gross profits but below on EBITA, net income and organic growth. While the gross margin was better, EBITA was once again affected by higher investments in the business and lower margins from LHH. CFO was negative due to one-off costs and increased working capital requirement. In Q3, Adecco expects solid yoy growth in revenues and, in H2, it expects a higher EBITA margin and CFO generation.