(By Richard Holway 8.00am 6th May 09) Adecco 'the world's biggest temporary staffing agency" and a barometer of the sector, has announced that profits declined 83% in Q1. Revenues were down a massive 42% in the UK market - even eclipsing an 18% decline in the US. Adecco operates multiple recruitment lines in the UK including IT brands Computer People and Ajilon Consulting. Adecco said "near term we see no reversal of current conditions and no clear signs of stabilisation yet".
Interestingly, share prices in the recruiters and resourcers have started a recovery lately (see Share Indices Apr 09) You will know that we are really over the worst of this recession when trading at the likes of Adecco start to show improvement. clearly the markets anticipate that this will happen - although I doubt we will see those green shoots for a few quarters.
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