Topic: [ADEN] Adecco
The positive development of the revenue trend observed during the fourth quarter of 2009, continued into the new year, with the main markets France and North America returning back to year-on-year growth in recent weeks. While visibility on demand in the coming months remains low, management is gaining confidence on the recovery of the industry. Management's focus remains on price discipline and strict cost control, while seeking opportunities to take advantage of improved market conditions.
In January, Adecco Group revenues were down 5% on an organic basis and adjusted for trading days compared to the prior year. Based on current developments, management expects a continued improvement of market conditions.
The structural measures taken to improve the cost base in the recent downturn coupled with the higher exposure to professional staffing through recent acquisitions best position the Adecco Group to take advantage of better economic conditions and to further enhance its leading market position in both general and professional staffing. As a result, management is committed to improve the EBITA margin to above 5.5% mid-term.