Adecco reports 29 percent drop in quarterly profit, warns of U.S. market difficulties
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TMCNet: Adecco reports 29 percent drop in quarterly profit, warns of U.S. market difficulties

[March 04, 2008]

Adecco reports 29 percent drop in quarterly profit, warns of U.S. market difficulties

(Associated Press WorldStream Via Thomson Dialog NewsEdge) ZURICH, Switzerland_Staffing company Adecco SA on Tuesday reported a 29 percent drop in fourth-quarter net profit and warned of continued market difficulties in the United States.

The world's largest temporary employment firm said net profit for the three months ended December fell to ?150 million (US$228 million), from ?212 million in the same quarter of 2006, when results were boosted by a divestment gain and a tax benefit.



The result still exceeded analyst expectations of about ?140 million (US$213 million). Shares rose 0.2 percent to 53.95 Swiss francs (US$51.99; ?34.20) in Zurich.

"We continue to see solid growth rates in the European and Asian staffing markets, while demand patterns in the U.S. remain weak," said Chief Executive Dieter Scheiff.



He said the company expected below-market growth rates in France and Britain.

Revenue in the fourth quarter improved 2 percent to ?5.38 billion (US$8.18 billion), from ?5.28 billion a year earlier. While sales in the U.S. and France, its two key markets, continued to drop, revenue in Germany jumped sharply due to recent takeovers.

For the full year, Adecco's net income jumped 20 percent to ?735 million (US$1.12 billion). Revenues rose 3 percent to ?21.1 billion (US$32 billion).

Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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