Adecco’s Q1 figures delivered a marginal beat over consensus estimates across the board. Organic and TDA revenue growth was supported by Adecco and Akkodis. The gross margin improved yoy and qoq and the EBITA margin benefited from an earlier payment from the FESCO JV. SG&A spend was up yoy but broadly inline qoq. CFO was negative due to the timing around working capital. For Q2, Adecco expects the gross margin and SG&A spend to be broadly in line with Q1 23 levels.
05 May 2023
Reasonable start to the year but profitability improvements will take time
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Reasonable start to the year but profitability improvements will take time
Adecco’s Q1 figures delivered a marginal beat over consensus estimates across the board. Organic and TDA revenue growth was supported by Adecco and Akkodis. The gross margin improved yoy and qoq and the EBITA margin benefited from an earlier payment from the FESCO JV. SG&A spend was up yoy but broadly inline qoq. CFO was negative due to the timing around working capital. For Q2, Adecco expects the gross margin and SG&A spend to be broadly in line with Q1 23 levels.