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Q4 & FY21 Results

AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

Group press release, Zurich, Switzerland, February 24, 2022

February 24, 2022

Revenue momentum accelerates, margins strong


  • Revenues +3% sequentially, +1% yoy organic TDA (a), led by Modis +14%
  • Gross profit +7% organic yoy; led by Adecco +7% and LHH’s Recruitment Solutions +c.35%
  • 20.7% gross profit margin driven by portfolio, favourable mix and pricing
  • EBITA excluding one-offs (b) €259 million; 4.7% margin, reflecting cost discipline while investing in growth
  • Operating income €191 million; Net Income €184 million; Basic EPS €1.11, up 21% yoy


  • Revenues +9% yoy organic TDA (a); Gross profit +15% organic yoy
  • Leading gross profit margin of 20.4%, driven by portfolio, favourable mix and pricing
  • EBITA excluding one-offs (b) €953 million; 4.6% margin sector-leading
  • Operating income €780 million; Net Income €586 million; Basic EPS €3.62
  • Cash flow from operating activities €722 million; cash conversion 83%
  • Good strategic delivery: GBU organisation put in place; AKKA acquisition announced; LHH re-brand underway
  • Acquisition of majority stake in AKKA completed; good line of sight on €15 million 2022 EBITA synergies
  • Proposed dividend per share CHF 2.50, composed of CHF 1.25 gross plus CHF 1.25 from reserves not subject to withholding tax

Alain Dehaze, Adecco Group CEO, commented: “Good progress has been made in the first year of implementation of our Future@Work strategy. We have established all three GBUs as Global Leaders, and accelerated our pivot to higher value services, as evidenced by this year’s record gross margin level. At the GBU level, Modis delivered outstanding performance in 2021, with strong top line growth and margin uplift, providing a strong foundation for the upcoming integration of AKKA. In LHH, Recruitment Solutions excelled, taking market share in permanent recruitment, while Career Transition navigated lower demand for their services. Adecco delivered sector-leading profitability through 2021, while continued investment supported improved sequential revenue momentum in the last quarter. Looking ahead, while recognising ongoing pandemic related challenges, we expect healthy demand for the Group’s services in 2022, and are investing to accelerate sustainable, profitable growth.”