Adecco reports strong results for 2010

Double-digit revenue growth and strict cost control resulted in strong operating leverage

FY 2010 HIGHLIGHTS (2010 versus 2009):
- Revenues of EUR 18.7 billion, up 26% (12% organically1)
- Gross margin at 17.8%, down 10 bps (-90 bps organically and on an adjusted2 basis)
- SG&A was flat on an organic and adjusted basis, driven by strict cost control
- EBITA3 margin before integration costs at 4.1%, up 100 bps on an adjusted basis
- DSO at 54 days in 2010 compared to 53 days in 2009
- Proposed dividend of CHF 1.10 per share

Q4 HIGHLIGHTS (Q4 2010 versus Q4 2009)
- Revenues of EUR 5.0 billion, up 32% (17% organically)
- Gross margin of 17.9%, up 30 bps (-50 bps organically and adjusted)
- SG&A increased by 19% (before integration costs +4%, organically and adjusted)
- EBITA before integration costs of EUR 223 million (+51% organically and adjusted)
- EBITA margin before integration costs at 4.5%, up 110 bps on an adjusted basis