Adecco Hosts Investor Meetings in New York during 2008
In the face of a softening global economic environment, Adecco, the Fortune Global 500 company and the world's leading HR services provider, is aligning its cost base with revenue developments to ensure resilience.
Adecco SA, registered in Switzerland (ISIN: CH0012138605), is listed on the Swiss Stock Exchange (SWX: ADEN) and Euronext Paris (EURONEXT: ADE). The company boasts a vast network, with over 36,500 employees (FTEs) and more than 6,700 offices in over 60 countries and territories. Each day, Adecco connects over 700,000 associates with clients.
The company's management is providing a trading update and reaffirming the outlook statement given at the Q2 2008 results release in August. In the first two months of the third quarter 2008, Adecco experienced a 3% revenue decline, excluding the impact of trading days, currency, and acquisitions.
Despite these challenges, Adecco remains committed to reaching an EBITA margin in excess of 5.0% in 2009. However, the further weakening of the economic environment is making this target increasingly ambitious.
In addition to the global economic trends, numerous factors could cause or contribute to such differences, including changes in regulation of temporary work, intense competition, changes in the ability to attract and retain qualified temporary personnel, the resolution of the French anti-trust procedure, and adverse developments in existing commercial relationships, disputes, or legal and tax proceedings.
Adecco's Investor Days 2008 event was held in New York on September 25, 2008, though specific information about the leadership present at this event is not available.
Looking ahead, Adecco anticipates continued weak markets in the USA & Canada for the remainder of the year. In Europe and Japan, a further market deceleration is anticipated for the rest of 2008.
For media enquiries, please contact the Corporate Press Office at [email protected] or Tel. +41 (0) 44 878 87 87. For investor relations, please contact [email protected] or Tel. +41 (0) 44 878 89 25.
The forward-looking statements in this release are not guarantees of future performance. They involve risks and uncertainties and may differ materially from current expectations. Information in this release may involve guidance, expectations, beliefs, plans, intentions, or strategies regarding the future. All forward-looking statements included in this release are based on information available to Adecco SA as of the date of this release, and we assume no duty to update any such forward-looking statements.
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