Adecco’s Q4 results were decent across most areas except net income. Like in the Q3, revenue growth was supported by Adecco and Akkodis. The gross margin was flat qoq and the EBITA was impacted by the absence of special benefits and continued investment in the business. CFO was stronger due to working capital reversal and the board will propose a dividend of CHF2.50. For Q1 2023, the gross margin and SG&A expenses are expected to be broadly in line with their Q4 2022 levels.
