Adecco faces continued challenges amid sales decline and cost cuts

The job placement agency, Adecco Group's business remained challenging in the second quarter of 2024, with the personnel services provider continuing to anticipate difficulties in the third quarter. Specifically, sales fell by 2.6% to €5.84 billion (CHF5.45 billion) in the second quarter. Adjusted for exchange rate effects and the difference in the number of working days, organic growth was -2% year-on-year (Q1 2024 0%), according to a statement on Tuesday. Analysts had expected an organic decline of 1.3% on average prior to the publication of the figures. +Get the most important news from Switzerland in your inbox In terms of business units, the largest unit, job placement company Adecco, shrank organically by 2%, with significant declines in France and Northern Europe. In contrast, Asia performed well. Akkodis also shrank by 2%, particularly in North America, where the market for tech specialists remained difficult. The smallest division, LHH, shrank organically by 7%. Gross ...