Adecco may continue cost-cutting
CFO Dominik de Daniel of the Swiss-based staffing agency anticipates a troubled market into 2010.Zurich -- Adecco, the world's biggest temporary staffing agency, is not excluding further cost-cutting amid signs that the market will remain troubled into 2010, the group's finance chief said Wednesday.
Chief financial officer Dominik de Daniel warned in an interview with Swiss financial weekly Finanz und Wirtschaft that he saw no clear signs of a stabilisation in the business environment.
"I cannot rule out more restructuring costs, especially in the second half," he said.
"We must adapt our costs due to the sharp decline in turnover and we're always looking at further steps," he added.
Adecco's net profit fell by 83 percent in the first half to EUR 23 million (CHF 35 million, USD 32 million) while its turnover dropped 26 percent to EUR 3.7 billion.
"We see no clear signs of stabilisation," said de Daniel, noting that the drop in turnover accelerated through the first quarter.
"We believe that the environment will remain very demanding in 2009 and in 2010," he added.
AFP / Expatica