ZURICH, Jan 18 (Reuters) - Adecco, the world’s biggest staffing group, set a lower average margin target for the 2016-2020 period as it outlined its new mid-term financial targets on Monday.
The Swiss company said it aimed to grow revenues organically at least in line with main peers, generate an average margin on earnings before interest, tax and amortisation (EBITA) of 4.5-5.0 percent through the cycle excluding one-offs, and deliver operating cash flow conversion of around 90 percent on average.
Adecco had previously targeted margins over 5.5 percent by 2015, a goal the staffing agency said in October it expected to miss after a sluggish European economy failed to deliver anticipated third-quarter growth. It reiterated it expected to make a 5.2 percent EBITA margin in 2015. (Reporting by Michael Shields and Brenna Hughes Neghaiwi; Eding by John Miller)