Adecco says revenues continue to fall at start of Q2 (updated)

Advanced Enzyme Technologies

07/05/2019 06:44

(Adds detail, background)
    By John Revill
    ZURICH, May 7 (Reuters) - Adecco Group  ADEN.S  said its
revenues continued to fall at the start of its second quarter,
the temporary staffing company said on Tuesday, as the European
economy limped into the second quarter and the U.S.-China trade
war looked set to escalate.
    Adecco said its sales when adjusted for currencies,
acquisitions and working days fell by 2 percent in the first
quarter, and continued at the same rate in April.
    "While revenues declined by 2 percent trading days adjusted,
year-on-year, the trend in our European markets stabilised
during the quarter," Chief Executive Alain Dehaze said. 
    "We also delivered accelerating growth in the Japan and Rest
of World region, which helped offset the slowdown in North
America."
    On a reported level, Adecco said its first-quarter revenue
fell 1 percent to 5.65 billion euros ($6.34 billion) as Germany,
and professional staffing in North America and Britain
struggled. Net profit rose 2 percent to 133 million euros as the
Swiss company increased its profit margin. 
    Growth prospects for the eurozone economy have weakened,
with the latest PMI figures showing lacklustre growth as
weakness in the manufacturing sector is also hitting the
services industry.  urn:newsml:reuters.com:*:nS8N20N05Y
    Prospects for a deal to end a trade war between China and
the United States are also uncertain after U.S. President Donald
Trump's latest threat to increase tariffs on Chinese goods.
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($1 = 0.8917 euros)

 (Reporting by John Revill)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))