Business News
Job placement giant Adecco reports profits up 23-per-cent in 2011
Mar 1, 2012, 10:55 GMT
Zurich - Adecco, the world's largest job placement agency, said Thursday that its profit grew 23 per cent in 2011, but also worsened in the fourth quarter.
The annual net income of the Switzerland-based firm increased to 519 million euros (692 million dollars).
Revenues rose 10 per cent to 20.5 billion euros, as gains in permanent job placement outweighed a decline in Adecco's outsourcing business.
Germany, Italy and emerging markets buoyed revenues, while business declined in Spain and remained flat in North America and France.
However, in the fourth quarter, net income fell to 133 million euros, declining 5.7 per cent year-on-year, as revenue growth slowed down.
Adecco's shares rose 6.9 per cent on the Swiss Stock Exchange after the earnings announcement.
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