Adecco stocks after strong first quarter



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Zurich (awp) – The Adecco name was searched on the stock exchange on Tuesday after the first quarter results. Profitability indicators outperformed analysts' expectations, despite a slightly lower turnover.

At 09:53, the action of the temporary work giant gained 1.9% to 58.80 Swiss francs, in an SMI rose 0.17%.

Overall, analysts were convinced by the 14% increase in gross operating revenue (EBITDA) to 221 million euros. They also highlight the positive impact of the savings program under the "GrowTogether" strategy, which should reduce costs by 250 million euros by 2020.

Experts from the Zurich Cantonal Bank (ZKB) welcome first-quarter net profit stabilization to 133 million euros, almost at the same level as last year. They suggest that the bottom of the wave may have been hit or even exceeded.

At Credit Suisse, analysts expect a lower share price return in the future given the share price of 26% year on year.

Goldman Sachs believes that the growth rate of gross operating revenue (Ebitda) should continue. As a reminder, it was 14% year on year in the first quarter.

Highlighting the "excellent results" of Adecco, Vontobel analysts said the improvements in its savings program are clearly offsetting.

Maj / al

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