Sodexo Posts Higher H1 Profit; Reaffirms FY14 Target
Published on Apr 17 2014 12:03 PM in General Industry
Catering, facilities management and vouchers group Sodexo kept its full-year goals on track in its financial results posted today after operating profit rose 11.4% in the first half, helped by cost cuts and new contracts in the United States.
The world's second-biggest catering services company after Britain's Compass Group said operating income excluding restructuring costs and currency effects in the six months to February 28 rose to €559 million.
The group reiterated its forecast for a 2.5 to 3% rise in like-for-like full-year 2013/14 sales after revenue grew 2.4% like-for-like in the first half to €9.283 billion.
It also kept its forecast for 2013/14 operating profit growth of 11% at constant exchange rates and for its operating margin to rise because of cost savings to 5.6% from 5.2% last year. For fiscal year 2014/15, Sodexo also expects an operating profit margin of 6%.