Adecco reported Q2 figures that were broadly in line with the consensus estimates. Organic and TDA adjusted growth was ahead of its peers and was driven by strong growth in the Adecco business unit. The gross margin declined yoy and qoq due to an unfavourable mix. Consequently this also impacted the EBITA margin which declined by 40bp yoy. CFO was positive. For Q3, Adecco expects the gross margin to be similar to Q2, and the SG&A spend to be sequentially slightly lower.
