Q2 2021 Results
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Revenues up 29% on an organic,
1 trading days adjusted basis ("TDA"), led by Adecco, up 33% organic TDA
Revenue growth strongest in higher-value activities; Permanent Placement up 88% organic and Training, Upskilling & Reskilling up 78% organically
Gross profit up 39% organically, with growth in all Global Business Units, led by Adecco
Gross margin 20.1%, up 140 bps organically reflecting improved mix, pricing discipline
EBITA
1 excluding one-offs EUR 237 million; 4.5% margin, up 270 bps, with gross margin performance supported by strong productivity
Operating income EUR 211 million, up 627%
Cash conversion of 64%, impacted by working capital absorption due to the improving revenue growth
Revenues in June 2021 up 23% organically and TDA