May 8, 2014 / 5:15 AM / 4 years ago

Adecco reaffirms margin target as Q1 profits meet expectations

ZURICH, May 8 (Reuters) - Adecco, the world’s largest staffing company, said on Thursday it remained convinced it would achieve its margin target in 2015, as it posted first-quarter net profit that matched expectations.

“Revenue growth continued to pick up in Europe, led once again by our industrial business. Demand in manufacturing accelerated further, which is a good early-cycle indicator,” Chief Executive Patrick De Maeseneire said in a statement.

The staffing sector is generally seen as a barometer of economic health as companies tend to hire temporary workers at the beginning of a recovery when most businesses are reluctant to commit to full-time hiring.

The Zurich-based firm saw profit in the first three months of the year rise by 64 percent compared to last year to 110 million euros ($153.15 million).

Analysts in a Reuters poll had forecast net profit of 109 million euros.

$1 = 0.7183 Euros Reporting by Joshua Franklin

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