Renewed staffing growth buoys Adecco
The world's biggest temporary employment agency Adecco said on Thursday that net profit had more than doubled in the first quarter with renewed growth for demand in staffing.
Net profit attributable to shareholders over the first three months of the year grew to 57 million euros (73.5 million dollars), an increase of 147 percent over the same period last year, the company said in a statement.
"In the first quarter of 2010, trading conditions improved significantly in most markets," chief executive Patrick De Maeseneire said as Adecco stemmed declining revenues.
"We saw very good demand progression primarily in the general staffing segment in our main markets France and North America, where revenues returned to year-on-year growth in Q1 2010," he added.
Revenues reached 3.96 billion euros, an increase of 7.0 percent year-on-year, with the strongest growth in the United States, Britain, eastern Europe and India.
De Maeseneire said the company was experiencing "good revenue developments" into April.
Adecco forecast continued growth in staffing demand over the coming months but underlined that it would continue to control costs.
"Current developments in the industry clearly point to further revenue acceleration and management is confident of continued improvements in demand near term," it said.
The financial and economic crisis had prompted companies to shed staff and impose short time working into last year, depressing the temporary employment industry.
© 2010 AFP