Adecco’s Q3 results were slightly above both AV’s and the consensus expectations on the back of improved business activity after a trough in the previous quarter. The ability to meet increased demand in growth areas (e-commerce, logistics), focus on pricing, a balanced business portfolio and cost management were behind this result. Additionally, Adecco’s balance sheet remains robust and the group continues to generate good cash flow. However, we remain cautious about Q4 due to the second COVID w ....
