Booming Adecco slashes French jobs
The Swiss-based temporary employment and placement group, Adecco, which posted a strong profit rise last year, said on Thursday it would cut 530 jobs in France.
Net profit at the firm soared last year by 23 percent to €519 million ($697 million) in 2011, despite a 5.7-percent decline of €133 million in the fourth quarter, Adecco said in a statement.
In France, the company intended to shed 530 positions from a total of about 6,300 in the country, as part of its plans to unite the networks of Adecco and Adia under the Adecco brand.
Operating profit increased last year by 14.4 percent to €763 million, while sales rose 10 percent to €20.5 billion over the period.
"General staffing, especially the industrial segment, continued to lead growth, while professional staffing growth remained moderate," Patrick De Maeseneire, CEO of the Adecco Group, said in a statement.
Activity in Germany and Austria, Italy and emerging markets showed double-digit growth over the year, while it increased by 10.0 percent in France and 8.0 percent in North America.
Growth slowed down at the end of the year in these two main markets.
In the last quarter the group recorded solid growth turnover of 13.0 percent in Britain and Ireland, 14.0 percent in Germany and Austria and 21.0 percent in emerging markets.
On the Swiss stock exchange, investors applauded the announcements, as shares surged 7.3 percent to 48.65 Swiss francs in a market up 0.19 percent in early afternoon trading.