The world's biggest temporary staffing group Adecco said Wednesday that its second quarter net profit soared 45 percent to €141 million, thanks to strong demand in the industrial segment.

"/> The world's biggest temporary staffing group Adecco said Wednesday that its second quarter net profit soared 45 percent to €141 million, thanks to strong demand in the industrial segment.

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ECONOMY

Adecco sees profits jump

The world's biggest temporary staffing group Adecco said Wednesday that its second quarter net profit soared 45 percent to €141 million, thanks to strong demand in the industrial segment.

Revenues were up 11 percent at €5.166 billion for the three months ending June, and the Swiss-based group forecasted that the third would also be a strong quarter.

“We had again very solid double-digit revenue growth this quarter, still driven by strong demand in the industrial segment,” said Patrick De Maeseneire, Adecco chief executive officer.

“Revenue growth in July was a touch lower than June and from todays perspective we expect a solid third quarter,” he added.

Amid the current economic uncertainties, De Maeseneire stressed that the group would “keep a close lid on our cost base.”

France, Adecco’s biggest market, posted a 15 percent revenue growth for the second quarter. North America also held up well, with an increase of 12 percent.

But the strongest performance came from Italy, where revenues rose 35 percent and from Germany and Austria, which recorded a 31 percent jump in demand.

Revenues were however flat in Britain and Ireland, while in Japan, they grew just 4 percent.

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ECONOMY

Swiss central bank announces big rate hike in inflation fight

The Swiss National Bank (SNB) raises the key interest rate by 0.75 percentage points, putting it back in positive territory at 0.5 percent.

Swiss central bank announces big rate hike in inflation fight

“The rate change applies from tomorrow, September 23rd 2022”, SNB said in a press release on Thursday.

It added that “inflation [in Switzerland] rose to 3.5 percent in August and is likely to remain at an elevated level for the time being”.

The latest rise in inflation is principally due to higher prices for goods, especially energy and food, according to the bank.

The SNB’s forecast for the evolution of inflation is, however, positive.

It forecasts that the rate will drop to 2.4 percent in 2023 and and 1.7 percent for 2024.

“Without today’s SNB policy rate increase, the inflation forecast would be significantly higher”, the bank said.

In mid-June, the SNB tightened interest rates by half a percentage point for the first time in 15  years. Since then, inflation in Switzerland has continued to rise. For August 2022, the statisticians reported inflation of 3.5 percent, after 3.4 percent in June and July.

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