Adecco’s Q4 results showed a sequential improvement from Q2 onwards and were above our and consensus expectations. Revenues showed signs of recovery and continued demand from e-commerce, healthcare, etc., whereas margins were managed through the continued focus on pricing and cost actions. The group’s financial position remained solid, which allowed it to propose a dividend of CHF2.50 and restart its buy-back programme amounting to €600m. However, the group did not provide a clear FY21 outlook. ....
