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Adecco delivers record Q4 profitability with a 5.3% margin


Revenue growth into Q1 2015 shows improving trend.

Zürich, Switzerland, Nov 3, 2015 

Fourth quarter 2014 highlights:

•   Revenues up 4% year-on-year and up 2% in constant currency

•   Gross margin 18.9%, up 60 bps

•   SG&A excluding restructuring costs1 up 2% yoy and up 2% sequentially, both in constant currency

•   EBITA2 excluding restructuring costs EUR 272 million

•   EBITA margin excluding restructuring costs 5.3%, up 50 bps

•   Strong cash flows from operating activities

 

Full year 2014 highlights

•   Revenues EUR 20.0 billion, up 3% year-on-year and up 4% in constant currency

•   Gross margin 18.5%, up 20 bps

•   SG&A excluding restructuring costs up 3% in constant currency

•   EBITA excluding restructuring costs EUR 965 million

•   EBITA margin excluding restructuring costs 4.8%, up 40 bps

•   Net income attributable to Adecco shareholders up 14%, basic EPS up 17%

•   Proposed 2014 dividend of CHF 2.10 per share, up 5% compared to last year


 Restructuring costs were EUR 37 million in 2014, including EUR 23 million in Q4 2014; restructuring costs were EUR 33 million in 2013, including EUR 17 million in Q4 2013.

 EBITA is a non-US GAAP measure and refers to operating income before amortisation of intangible assets.

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Lee Hewett

Global Corporate Communications Director

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