Adecco, the world's largest temporary staffing company, has beaten expectation by reporting a 12 per cent increase in net profit.
Adecco said it expects the European market to remain challenging and for its second-biggest market, North America, to hold up well.
Net income in the first quarter rose 12 per cent to €112 million, outpacing the average analyst forecast of €100 million. Sales rose to 2 per cent to €5.035 billion.
"We are off to a good start in 2012. Q1 2012 revenues are nearly at the same level as in Q1 2011, a solid result when considering the economic headwinds we face in Europe," chief executive Patrick De Maeseneire said in a statement.
"Our revenues in North America continued to hold up well," he said.
Dutch Rival Randstad has warned of uncertain developments in Europe, while US competitor ManpowerGroup Inc forecast a double-digit decline in Southern Europe in the second quarter.
Reuters