Adecco Group –
Operating and financial review and prospects
in millions, except share and per share information

4. Outlook

The Company believes that the environment will stay favourable for flexible labour in 2011. Permanent jobs will be created but just enough to cover the new entrants into the labour market. Unemployment is likely to remain at high levels in most developed economies. Most economic growth and activity will be covered by flexible labour. In this environment, management’s focus remains on profitable revenue growth, achieved with price discipline and strict cost control.

The strong improvement in the EBITA [1] margin in 2010 is evidence that the leaner cost base is paying off. The Company will continue to invest where growth is strongest, but will evaluate returns carefully, with the value-based approach. The Company is fully on track to reach an EBITA margin above 5.5% mid-term.


[1]EBITA is a non-U.S. GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.