May 09, 2017
Download this Document


Solid Q1 2017 results, with strong productivity and cash flow generation

Summary and highlights

  • Revenue growth momentum maintained at 6% organically[1] and trading days adjusted, the same as in Q4 2016
  • Gross margin 18.8%, down 20 bps
  • Strong productivity, with FTE employees up only 1% and SG&A excluding one-offs[2] up 2%, both organically
  • EBITA[3] margin excluding one-offs up 50 bps to 4.8% while continuing to invest for the future
  • Net income attributable to Adecco Group shareholders EUR 176 million
  • Strong cash flow generation and healthy balance sheet, with 0.7x net debt[4] to EBITDA excluding one-offs[5]
  • Further deployment of our digital strategy, with the launch of Adia, an end-to-end online staffing model
  • Revenues in March and April 2017 up 5-6%, organically and trading days adjusted



“In Q1 2017, The Adecco Group maintained its positive momentum, thanks to our more than 33,000 colleagues and over 700,000 associates around the world. In Q1 2017, every one of our regional business segments delivered positive revenue growth, organically and trading days adjusted. Reflecting our focus on driving productivity, our 6% underlying revenue growth was delivered with an increase of only 1% in FTE employees. And importantly, we converted our strong profit growth into excellent cash flow.


Our strategic agenda is to Perform, Transform, and Innovate. Alongside driving our operating performance in the first quarter, we are continuing to transform and innovate to capture the opportunities we see in the evolving world of work. We are excited to announce today the launch of our digital Adia brand as part of the deployment of our digital strategy. Adia is an end-to-end online staffing model targeting hospitality and events candidate profiles for the SME segment. Developed in close collaboration with Infosys, Adia is a great example of our strategy to co-create new solutions with leading technology partners, in order to realise our vision of the future of work.”


Alain Dehaze, Group Chief Executive Officer