Adecco posts full-year profit loss

ZURICH – The world’s biggest temporary staffing agency Adecco on Wednesday said its full-year net profit fell by a third to EUR 495 million (CHF 732 million, USD 620.8 million) after a loss in the fourth quarter.

Revenues for 2008 fell 5.0 percent to EUR 20 billion. For the fourth quarter alone, net loss reached EUR 22 million, while sales decreased 14 percent to EUR 4.6 billion.

The group warned that the business environment remained "difficult", noting that revenues fell by a quarter in January.

It therefore turned to cost reductions as a "key priority".

"Looking into the near future, management currently sees no signs of improvement," it said.

"In today’s exceptionally difficult business environment, resulting in pronounced pressure on revenues, protecting margins through disciplined pricing and cost reductions is a key priority for the management of the Adecco Group," it said.

AFP / Expatica