Pluxee raises its targets for 2024 after a strong performance in the first half

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(Reuters) – Pluxee, the former employee benefits division of Sodexo, on Friday raised its organic sales growth and Ebitda margin targets for 2024, driven by the group’s strong performance in the first half of its financial year .

Pluxee, which made its debut on the Paris Stock Exchange in February, is now targeting organic growth in its turnover of around 15% to 17% for this year, after announcing a growth target of around 10 % in January.

“This is the result of very good commercial performance. We have seen very good momentum over the last two years, but it is a momentum that continues, both from a point of view of signing new clients, ( of) development… (and) of the annual volume,” said Managing Director Aurélien Sonnet in an interview with Reuters.

On the Paris Stock Exchange, Pluxee shares jumped 7.45% to 27.31 euros around 7:35 a.m. GMT in a clearly bearish market.

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“Pluxee, publishing for the first time as a standalone publicly traded company, is off to a good start and we continue to believe that the key driver for the investment theme is, in our view, sustainable business growth operational”, JP Morgan analysts underlined in a note.

Recurring Ebitda for the period from September to February stood at 201 million euros, an increase of 28% year-on-year in organic growth.

“It is a performance which is ‘across the board’, therefore which is really in all the regions in which we operate”, clarified Aurélien Sonnet.

For 2024, the recurring Ebitda margin is expected to be at least 35%, at constant rates, compared to at least 34.5% initially anticipated.

Edenred, Pluxee’s main competitor, reported on Thursday better than expected operational turnover in the first quarter, up 18.8% to 625 million euros.

(Report by Stéphanie Hamel, French version by Augustin Turpin, edited by Blandine Hénault)


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