Recruitment giant, Adecco, posts impressive Q3 2014 earnings, showcasing solid profitability.
Company Reports Strong Q3 Results
The global leader in recruitment solutions, our group, has announced its financial results for Q3 2014, showing a steady growth across various key indicators.
The group's revenues for Q3 2014 stood at EUR 5.2 billion, representing a 4% increase in constant currency. This growth was driven by strong performances in all business lines. By business line, constant currency growth in Q3 2014 was 4% in General Staffing, with Industrial up 6% and Office up 1%. Permanent placement revenues saw a significant boost, increasing by 15% in constant currency, while Career Transition (outplacement) revenues rose by 5%.
The group's net income attributable to shareholders also saw a healthy increase, rising by 4% to EUR 198 million. Basic EPS followed suit, increasing by 6% to EUR 1.13.
Operating income for Q3 2014 was EUR 266 million, up from EUR 263 million in the same period last year. The EBITA margin excluding restructuring costs for the quarter was 5.4%. SG&A excluding restructuring costs also saw a 2% year-on-year increase in constant currency, amounting to EUR 674 million. EBITA excluding restructuring costs for Q3 2014 was EUR 280 million.
Gross profit for Q3 2014 was EUR 954 million, with a gross margin of 18.4%. Interest expense for the quarter was EUR 15 million, a decrease from EUR 20 million in Q3 2013.
The effective tax rate remained consistent at 22% for Q3 2014, the same as in the prior year. Other income/(expenses) net was EUR 3 million in Q3 2014, up from EUR 1 million in Q3 2013.
Days Sales Outstanding (DSO) remained unchanged at 54 days in Q3 2014, the same as in Q3 2013. Cash flow generated from operating activities was EUR 268 million in Q3 2014, down from EUR 281 million in the same period last year.
Net debt at September 30, 2014 was EUR 1,149 million, a decrease from EUR 1,262 million at June 30, 2014.
In conclusion, the group's Q3 2014 results demonstrate a steady growth and a strong financial performance across various key indicators. The region responsible for the largest share of the revenue increase is not explicitly identified in the provided search results. Nonetheless, the group's positive momentum is evident and sets a promising outlook for the future.
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