Adecco’s Q1 revenues matched consensus estimates but were above those of AV’s. EBITA, however, decently beat consensus but was below our estimates. Altogether, the end of Q1 showed signs of revenue recovery and could mean well for the quarters ahead. Regarding profitability, the group continued to enforce pricing discipline and cost actions, which drove profitability upwards. Following this result, the group expects Q2 to improve sequentially while also benefiting from a lower base.
