Adecco Profit Down, Cites Weak US Demand

The world's largest temporary employment company said it earned 150 million euros ($228 million) in the three months ended in December, down from 212 million euros in the same quarter of 2006, when results were boosted by a divestment gain and a tax benefit.

The result still exceeded analyst expectations of about 140 million euros ($213 million). Shares fell less than 1 percent to close at 53.60 Swiss francs ($51.66) in Zurich.

"We continue to see solid growth rates in the European and Asian staffing markets, while demand patterns in the U.S. remain weak," said Chief Executive Dieter Scheiff.

He said the company expected below-market growth rates in France and Britain.

Revenue in the fourth quarter rose 2 percent to 5.38 billion euros ($8.18 billion) from 5.28 billion euros a year earlier. While sales in the U.S. and France, its two key markets, continued to drop, revenue in Germany jumped sharply due to recent takeovers.

For the full year, Adecco's net income jumped 20 percent to 735 million euros ($1.12 billion). Revenues rose 3 percent to 21.1 billion euros ($32 billion).