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Adecco CEO Predicts Two Year Challenge

Adecco CEO Predicts Two Year Challenge

Switzerland's Handelszeitung newspaper has published an interview with Adecco CEO, Dieter Scheiff where he says Adecco expects sales to fall in 2009 and is preparing itself for two 'very challenging' years and that at the end of September our organic growth for the group was minus 8%. As expected, this trend worsened significantly in the fourth quarter. We are expecting a difficult 2009 for all countries and regions.

The company is still likely to meet its long-term target of sales growth of 7-9% in the medium term, as well as its earnings before interest, tax and amortisation (EBITA) margin goal of 5%. The next recovery will certainly come I am convinced that temporary work will grow very strongly. Customers need flexibility more than ever, he said. Scheiff added that while a recovery in the United States could come in the fourth quarter, the group was bracing itself for 'two very challenging years'. Last year Adecco, failed in its attempt to buy Michael Page, and Scheiff was quoted as saying that Adecco would not make any large buys as credit markets are shut, however, smaller acquisitions that could be funded through the group's cashflow were still a possibility.

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