In a particularly difficult economic environment :
- Increased revenues of + 4.3%
- Organic growth of + 2.7%(1), driven by development of facilities management services
- Operating profit(2) stable at 528 million euro
- Operational efficiency improvement and cost reduction program well underway and enlarged
Fiscal 2013 objectives detailed
Outlook for Fiscal 2015 confirmed
Commenting on the results, CEO Michel Landel said:
"In a more difficult economic environment, Sodexo is showing good resilience. Our Quality of Life services offer continues to be successful. Our clients are increasingly interested in our wide range of integrated services. Our leading position in emerging markets is also a driver of future growth. The operational efficiency improvement and cost reduction program, already underway, will be further enlarged. We are confident in the future and are maintaining our objectives for Fiscal 2015."
Revenue growth of + 4.3%
Consolidated revenues for the first half of Fiscal 2013 were 9.5 billion euro, an increase of + 4.3%, including + 0.7% from acquisitions and changes in scope and + 1.5% from currency impacts.
Organic revenue growth in the first half of Fiscal 2013 was + 2.1%, or + 2.7% excluding the positive impact from the Rugby World Cup on the first quarter of Fiscal 2012.
Organic growth for On-site Services(3) was + 2% and + 2.7%, excluding Rugby World Cup. The first half of Fiscal 2012 had benefited from the 53 million euro in revenue generated by the 2011 Rugby World Cup.
Facilities management services accounted for over one quarter of consolidated revenue. As was the case in the last two fiscal years, revenues from these services are continuing to grow three times faster than foodservices revenues, providing renewed confirmation of the relevance of the Group’s strategic positioning.
Organic growth in Benefits and Rewards Services was +4.3%, reflecting:
continued dynamism in Latin America, and
slightly higher performance than in the second half of Fiscal 2012 (adjusted for the decrease in activity in Hungary resulting from unfavorable legislation introduced in that country on January 1, 2012)
(1) Excluding positive impact of Rugby World Cup in Fiscal 2012.
(2) Before expenses in first half Fiscal 2013 related to operational efficiency improvement program announced in November 2012 and favorable impact from UK pensions in first half Fiscal 2012.
(3) Formerly Motivation Solutions
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