Strong performance in Q3 2015 Continued steady revenue growth with another quarter of good margin expansion
Third quarter 2015 highlights and outlook
Zürich, Switzerland, Nov 5, 2015
- Revenues up 4% organically 
- Gross margin 19.0%; gross profit up 5% organically
- SG&A excluding one-offs  up 2% organically
- EBITA margin excluding one-offs 5.8%, up 40 bps
- EBITA  excluding one-offs EUR 329 million, up 12% organically
- Impairment of goodwill of EUR 740 million resulting in operating loss of EUR 425 million; impairment charge is non-cash with no impact on dividend policy
- 2015 EBITA margin excluding one-time items expected to be strong at approximately 5.2%, but below the target of >5.5%, as organic revenue growth is steady but not accelerating
- For 2016, Adecco anticipates a continuation of current organic revenue growth trends and an EBITA margin similar to the EBITA margin excluding one-offs now expected in 2015
 Organic growth is a non-US GAAP measure and excludes the impact of currency, acquisitions and divestitures.
 One-offs comprise integration costs of EUR 3 million in Q3 2015 and restructuring costs in North America of EUR 5 million in Q3 2014.
 EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.