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AD HOC ANNOUNCEMENT in accordance with art. 53 SIX Swiss Exchange Listing Rules
ZURICH, Feb. 28, 2023 /PRNewswire/ — Fourth Quarter and Full Year 2022 Results
Winning market share; strong revenue and gross margin growth
· Revenues 13% reported, 5% yoy TDA organic; on all GBUs
· Strong return on growth investment plan driving market share gains; relative revenue growth 550 bp in Q4, with an improvement of 1,500 bp year-on-year. France, DACH, APAC and LatAm clearly stand out.
Strong gross margin of 21.0%, supported by portfolio change, positive mix and pricing
· Robust EBITA margin excl. singular of 3.7%; primarily reflecting lower benefit from specialty items, growth investment, lower contribution from Adecco US, LHH Recruitment Solutions and accretion from AKKA; productivity 2% quarterly
· Operating result of 113 million euros, reflecting higher amortization and exceptional expenses, both related to the acquisition of AKKA
· Basic EPS €0.39; Adjusted EPS €0.76
· Revenue 13% reported, 5% yoy TDA organic; on all GBUs
Strong gross margin of 21.0%, supported by portfolio change, positive mix and pricing
· Robust EBITA margin excl. one-offs of 3.5%, primarily reflecting lower benefit from special items, growth reversal, a moderate contribution from LHH and Adecco US and accretion from AKKA
· Operating result of €547 million, reflecting higher amortization and exceptional expenses, both related to the acquisition of AKKA
· Basic EPS €2.05; Adjusted EPS €3.28
· AKKA offers EBITA margin and EPS accumulation in year 1; ~25 million euros of realized synergies
· Healthy cash conversion of 70% maintained in the investment phase: Cash flow from operating activities 543 million euros
· Simplify, Execute, Grow Agenda Driving Positive Momentum: Restructured Global Sales; Ian Lee has been appointed to the Executive Committee as Managing Director of Geographic Regions to ensure local perspectives are represented
Proposed dividend per share CHF 2.50, consisting of CHF 1.85 gross plus CHF 0.65 of reserves not subject to withholding tax
Denis Machuel, CEO of the Adecco Group, commented:
“The group had a strong finish to 2022 as we continue to push our investment plan forward. We delivered excellent growth in the fourth quarter, with Adecco significantly outperforming the market. The newly combined Akkodis business performed well, exceeding its synergy target by 2022 and on target to capture synergies by 2023. At LHH, our digital coaching business, Ezra, posted strong growth, and our Career Transition business delivered excellent results as the team successfully captures the growing demand amid an uptick in corporate restructuring driven by the US technology sector.
Gross margins were strong during the quarter. Our Simplify, Run, Grow agenda is advancing across the organization to accelerate implementation of our existing strategy and improve both operational and financial performance. We are very confident that we will achieve the planned cost reduction target. Looking ahead, we are laser-focused on driving equity gains, with improved productivity and profitability, across all of our business units this year.”
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