RECRUITMENT firm Adecco has seen its net income slump 40 per cent to €67m (£56.7m) in the first three months of the year, dragged lower by its core French business and a slowdown across Europe.
Revenues in France were down 17 per cent to €1.1bn, sending its overall revenues down 10 per cent to €4.6bn, its fifth consecutive quarter of decline.
“Revenues are starting to bottom out in Europe with the gap to the market narrowing in France,” said chief Patrick De Maeseneire.
In the UK and Ireland, where Adecco generates around 10 per cent of its turnover, revenues were stable at €456m. However, permanent placement revenues slumped 26 per cent, mirroring a recent trend across the jobs market towards temporary jobs.
Germany, Austria, Switzerland, Spain and Italy all posted single digit drops in revenues.