CHESEREX (dpa-AFX) - Adecco Swings To Profit In Q2 On Higher Revenues
Adecco (AHEXY.PK, ADO.L) reported a turnaround to profit for the first half of fiscal 2021, driven by increased revenues.
The company's H1 net income was EUR 269 million or EUR 1.66 per share compared to a loss of EUR 327 million or EUR 2.01 per share last year.
Revenues for the period rose 10% to EUR 10.2 billion from EUR 9.3 billion generated in the same period of last year. Revenue growth was 14% on an organic and trading days adjusted basis.
Free cash flow was EUR 173 million compared to EUR 341 million in the first six months of 2020, impacted by increasing working capital needs to support growing revenues.
Net debt was EUR 562 million as of June 30, 2021 compared to EUR 376 million as of December 31, 2020, reflecting the usual seasonal trends and was impacted by the payment of the dividend in April 2021.
Alain Dehaze, Group Chief Executive Officer, said, 'The Group had a robust start to 2021, showing continued resilience and sector-leading profitability. Despite the continuing Covid-19 pandemic, we returned to modest revenue growth in the first quarter, with further acceleration and continued positive momentum in the second quarter when revenues recovered to being just 5% below pre-crisis levels on an underlying basis.'
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