PARIS (Reuters) – Sodexo reported on Friday organic growth in its turnover of 8.2% in the first quarter of its 2023-2024 financial year which will be marked by the IPO on February 1 of the Pluxee benefits division.
Over the first three months of the financial year, turnover amounted to 6.287 billion euros, up 3.1% in published data, thanks to price increases and new contracts.
This figure does not include the contribution of Pluxee, whose split project is “progressing well”, commented the group’s CEO, Sophie Bellon, in a press release.
Sodexo confirmed its financial targets for the full year, namely organic revenue growth of between 6% and 8% and an operating margin up 30 to 40 basis points at constant rates. .
On the Paris Stock Exchange, Sodexo shares nevertheless fell by 0.73% to 101.5 euros at 10:31 a.m.
“First quarter revenue was in line with expectations with a strong performance in both North America and Europe, while the rest of the world was lower than expected,” Stifel analysts noted in a note.
Sodexo says it has “sustained” net development momentum since the start of the financial year “but we are seeing losses of Senior sites in North America and exits from contracts in Education in Europe”, they add.
“While the absence of details on net development is somewhat understandable given the inherent volatility, it could be seen as a little disappointing not to be reassured that the growth target of around 2% will be achieved.” , underline for their part Barclays analysts.
All eyes are now on Pluxee’s investor day, note JPMorgan analysts.
(Written by Blandine Hénault, with Olivier Sorgho in Gdansk and Piotr Lipinski in Brussels, edited by Kate Entringer)
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