BusinessCompany NewsAdecco hits targets despite accounting blunders

Adecco hits targets despite accounting blunders

Troubled recruitment company Adecco has seen strong second quarter profit rises of 11%, despite a costly accounting error in its North American operation earlier this year.

Link: Adecco chairman to step down

The world’s largest provider of temporary workers, said second-quarter profits rose 11% and that this was boosted by a gain of €30m from the sale of the company’s internet job advertising unit, jobpilot in April.

The Swiss staffing services provider saw Q2 revenues rise 6% to €4.3bn with a net income rise of 11% to €95m. Sales growth also doubled over the first quarter.

A spokesman said: ‘Worldwide demand for temporary staffing continued to grow and Adecco expects it to further strengthen into 2005.’

Adecco said in January that it had uncovered ‘material weakness in internal controls? at its North American business, sending shares down 35% in one day and triggering the resignations of chief financial officer Felix Weber and the head of the North American unit.

In June the company saw the resignation of John Bowmer, its third executive to jump ship since accounting irregularities were found.

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