By Ian Walker
Adecco Group AG on Thursday reported a 87% fall in second-quarter net profit, missing analysts' forecasts, on revenue that also fell due to coronavirus-related lockdowns.
The Swiss human-resources company said revenue improved during the quarter and was down 26% on an organic basis in June.
Adecco made a net profit for quarter ended June 30 of 21 million euros ($24.9 million), compared with EUR159 million for the same period last year and a forecast of EUR59.5 million, taken from FactSet and based on two analysts' forecasts.
Revenue fell 29%--or 28% on an organic basis--to EUR4.18 billion from EUR5.92 billion and compares with a forecast of EUR3.83 billion, taken from FactSet and based on three analysts' estimates.
Adjusted earnings before interest, taxes and amortization--one of the company's preferred metrics, which strips out exceptional and other one-off items--fell to EUR75 million, from EUR265 million.
"While the economic environment remains uncertain, linked to Covid-19, the group is well positioned, both financially and operationally, to capitalize on opportunities as the global economy recovers," Adecco said.
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