CHESEREX (dpa-AFX) - Adecco Group AG (AHEXY), that provides human resource services to businesses and organizations worldwide on Thursday announced comparatively lower earnings for the first half of 2022 amidst sharp rise in one-off costs and SG&A expenses that eclipsed the growth in revenue.
Net income attributable to Adecco group shareholders was 169 euros or 1.01 euro per share as compared to 269 euros or 1.66 euro per share in the year-ago period.
One-off costs amounted to 60 euros which mainly included restructuring and acquisition related costs of 44 euros associated with the AKKA integration.
EBITA excluding one-offs dropped 12 percent to 390 euros as compared to 444 euros in the prior period.
Adjusted earnings dropped 16 percent to 1.61 euro per share versus 1.91 euro per share in the previous period.
SG&A excluding one-offs increased 16 percent organically, driven primarily by investments in sales capacity. FTE employees increased 14 percent organically year-on-year.
EBITA dropped 23 percent to 330 euros, from 429 euros in the corresponding period of the previous financial year.
Revenues, however, increased 11 percent to 11.4 thousand euros as compared to 10.2 thousand euros in the half year of the preceding fiscal. On an organic basis, revenue growth was 4 percent during the period.
Shares of Adecco Group closed Wednesday's trading at $17.23, up $0.45 or 2.68 percent from the previous close.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX