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Q3 2021 Results
Profitable growth and record gross margin
November 2, 2021

Q3 2021 Results


Profitable growth and record gross margin

  • Revenues up 9% organic TDA (a), led by US Professional Recruitment +26%, Global Professional Recruitment +28%, Adecco Southern Europe & EEMENA +21% and Modis +14%
  • Gross profit up 16% (b); led by Professional Recruitment up ~50% and Adecco +18%
  • Record 20.8% gross profit margin, up 120 basis points, driven by portfolio, better mix, pricing
  • EBITA excluding one-offs (c) EUR 250 million; 4.8% margin, up 30 basis points
  • Operating income EUR 196 million, up 75%
  • Cash conversion 69%, reflecting normal working capital absorption due to improving revenue growth
  • Strong strategic progress, including acquisition of QAPA and BPI Group and planned reorganisation of Talent Solutions/LHH operating model
  • AKKA transaction financing completed, securing financing synergies of approximately EUR 10 million p.a. post-completion (d); integration planning firmly on track

Alain Dehaze, Adecco Group CEO, commented: “Our three global business units – Adecco, LHH (Talent Solutions) and Modis – continue to progress our long-term Future@Work strategy, delivering growth, a record gross profit margin and sector-leading EBITA margin that reflects the strength of this portfolio and our focus on higher-value services.”

“Among our global business units, Adecco’s revenues are above 2019 levels in Southern Europe & EEMENA region, Latin America, Canada and APAC, led by Japan and Australia. LHH (Talent Solutions) saw excellent growth in Professional Recruitment, with permanent placement now ahead of 2019 levels.”

“Modis executed strongly and generated revenues above 2019 levels. I am pleased to see the integration plan for AKKA progressing at full speed. Financing for the transaction was completed in September and, subject to the regulatory approvals process, we anticipate acquiring a controlling stake in early 2022.”

Additional information is provided under the following links:


About the Adecco Group

The Adecco Group Brands


Note: Unless otherwise noted, all growth rates in this release refer to same period in prior year. 1 On an organic and trading days adjusted basis. 2 On an organic basis. 3 For further details on the use of non-GAAP measures in this release, refer to the Financial Information section and the Additional Information Section of the 2020 Annual Report. 4 In constant currency terms.