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€84.1 -0.3  -0.4%

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Sector
Industrials
Size
Large Cap
Market Cap £7.55bn
Enterprise Value £14.09bn
Revenue £3.33bn
Position in Universe 77th / 852

France's ADP cannot rule out job cuts, to halve investment -CEO

Fri 26th June, 2020 7:51am
PARIS, June 26 (Reuters) - The head of France's ADP  ADP.PA 
said on Friday he could not rule out job cuts due to the impact
on travel from the COVID-19 crisis and that the airports group
would halve its annual investment plans.
     "I cannot rule out measures on jobs. I want to limit as
much as possible job cuts," ADP chairman and chief executive
Augustin de Romanet told RTL radio.
    "We will have discussions from July (with staff
representatives), so they are informed of the company's future,"
he said. 
    Romanet, who has previously said ADP risked losing 2.5
billion euros in sales due to the crisis, said ADP could cut
annual investments to 400-500 million euros from 1 billion.
    He was speaking as Orly airport near Paris was reopened on
Friday after a near three-month closure.
    Travellers will be able to fly to 25 destinations and there
will be 74 flights on Friday compared to 600 normally, he said.
    For July, Romanet predicted 200 flights daily from Orly.
    Asked about plans for the privatisation of ADP, he said:   
"To my knowledge, the economy minister thinks this is no longer
on the agenda."
    This month, Transport Minister Elisabeth Borne said the
privatisation of ADP was "not a subject that will be on the
table in the months ahead. After 2022, we will see."
 urn:newsml:reuters.com:*:nL8N2DZ12D
            

 (Reporting by Dominique Vidalon; editing by Jason Neely)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))
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