In the first two months of the third quarter 2008 Adecco experienced a revenue decline of 3% when excluding the impact of trading days, currency and acquisitions, inline with the decline rate of the second quarter of 2008.
For the remainder of the year, Adecco anticipates continued weak markets in the USA & Canada, while in Europe and in Japan a further market deceleration is anticipated. Given weaker demand, due to the softening economic environment, the focus on aligning the cost base with revenue developments is at the forefront of management's priorities. The company remains fully committed to reach an EBITA margin in excess of 5.0% in 2009. With further weakening of the economic environment this target becomes increasingly ambitious.
Adecco Corporate Press Office
Adecco Corporate Investor Relations
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco S.A. as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company competes; changes in the Company's ability to attract and retain qualified temporary personnel; the resolution of the French anti-trust procedure and any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.
Adecco S.A. is a Fortune Global 500 company and the global leader in HR services. The Adecco Group network connects over 700,000 associates with clients each day through its network of over 36,500 employees (FTEs) and over 6,700 offices in over 60 countries and territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, the Adecco Group delivers an unparalleled range of flexible staffing and career resources to clients and associates.
Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on the Swiss Stock Exchange with trading on SWX Europe (SWX: ADEN) and the Euronext Paris (EURONEXT: ADE).