CHESEREX (dpa-AFX) - Adecco Group (AHEXY.PK, ADO.L), a Swiss provider of human resources solutions, reported Tuesday that its first-quarter EBITA margin excluding one-offs was 3 percent, down 100 basis points from last year, impacted by the abrupt revenue decline in March due to COVID-19.
Gross margin went up 20 basis points to 19.3 percent.
Revenues for the quarter declined 9 percent year-on-year on a reported basis, and also organically.
The company recorded about 19 percent lower revenues in March on trading days adjusted or TDA basis reflecting unprecedented lockdown measures implemented in many countries in response to COVID-19.
The sharp revenue slowdown in March further accelerated in April. Revenues in April was down around 40 percent.
Looking ahead, the company said it expects second quarter to be challenging.
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