Adcorp has worst slump in 25 years after warning SA employers are cutting back
Drought in Australia also put pressure on the group’s Labour Solutions Australia business, which primarily provides staff for the agricultural sector
The share price of employment services group Adcorp had its worst one-day fall in 25 years on Friday, after the company warned that its profits would take a hit from SA’s weak economy and drought conditions in Australia.
Many clients in SA had responded to the economic climate by cutting back on their workforce or delaying permanent appointments, the group said on Friday. It would result in a fall of up to 94.5% in headline earnings per share (heps) for the six months to end-August...