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It’s hardly surpirisng news, but the next two recruitment firms to report their FY results, Swiss Adecco and UK-based Robert Walters, echoed the sentiment of those that preceded them, advising of difficult conditions in the UK market.
But at least they still made a profit (just) in the UK – unlike Hays (see UK turns red for Hays); Adecco recorded a 1.9% operating margin on €1.7b of UK turnover (6% up in constant currency), whereas Robert Walters scraped in with a 0.3% operating margin on £189m of UK revenues (up 20%).
Adecco is the only one of the pair seriously into IT recruitment, owning major UK brands such as Computer People. Worldwide, Adecco generated €2.18b in revenues from IT recruitment, 8% up in constant currency and 6% higher organically. Indeed, Adecco flagged the UK as one of its strongest IT markets in Q4, with some large project wins driving double-digit growth.
