ZURICH (Reuters) – Adecco said on Tuesday hiring volumes weakened at the start of 2023, after the Swiss temp giant reported lower-than-expected profits in its fourth quarter.
The group posted net profit down 65% in the three months to the end of December to reach 65 million euros, well below analysts’ forecasts of 116 million euros.
This decline is partly due to lower operating income and an interest expense of 15 million euros.
Fourth-quarter revenue rose 13% to 6.2 billion euros, beating the 6.1 billion euros expected, according to a consensus provided by the company. After adjusting for working days, currencies and acquisitions, the increase was 5%.
Adecco said its revenue rose 6% in December, year-on-year, but warned of signs of a slowdown in early 2023.
“Although volumes in January weakened, the talent services market remains dynamic,” the group said in a press release.
(Report John Revill, Augustin Turpin, edited by Kate Entringer)
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