Adecco sales jump on European recovery

Europe's biggest recruitment agency reversed six successive quarters of declining revenues

Click to follow

Europe's biggest recruitment agency offered hope that the painfully high unemployment gripping the region could soon ease as it grew sales for the first time in nearly two years.

Adecco,  which does around 60 per cent of its business in Europe, posted sales 4 per cent ahead at €4.9 billion (£4.1 billion) in the final three months of last year, reversing six successive quarters of declining revenues since the beginning of 2012.

The resurgence continued in January and February as sales rose 5 per cent over the two months.

Encouragingly, Adecco says “most European economies have begun to recover” with the sales revival driven by double-digit growth in fees from manufacturers rushing to take on staff.

Unemployment across the 18 countries using the euro remains high at 12 per cent but the latest signs hint that employers are beginning to bet on a reviving economy.

Zurich-based Adecco saw double-digit percentage revenue growth in Germany, Benelux and Iberia and stabilised sales in the weak French market. UK & Ireland also shared in the revival as sales rose 7 per cent to €501 million.