Vending

Sodexo lifts Q1 2024 revenues boosted by corporate services

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January 5, 2024

Sodexo S.A., the Paris-based global caterer, reported a growth in Q1 2024 revenues boosted by corporate services, sports and leisure and education, according to an financial report. Highlights include:

• Consolidated revenues rose 3.1% from €6.09 billion ($6.66 billion) in Q1 2023 to €6.3 billion ($6.89 billion), in Q1 2024, including a negative currency impact of 4.8%, a net contribution from acquisitions and disposals of negative 0.3% and organic revenue growth of 8.2%. The numbers exclude contribution from Pluxee, the company's benefits and engagement division, which the company spun off.
• North America revenues rose 1.3% from €2.99 billion ($3.27 billion) to €3.03 billion ($3.32 billion).
• Europe revenues rose 7.3% from €2.05 billion ($2.24 billion) to €2.19 billion ($2.4 billion).
• Rest of world revenues rose 0.3% from €1.057 billion ($1.16 billion) to €1.061 billion ($1.16 billion).

Shares traded at $109.27 today against a 52-week range of $92.36 to $111.25.

"First quarter growth has remained strong in all geographies, due to pricing, new contract ramp-ups and continued volume growth, particularly in corporate services, sports and leisure and education," Sophie Bellon, chairwoman and CEO, said in the press release. "We have had a good start to the year in terms of activity and we are solidly on track with our strategic plan to be the world leader in sustainable food and valued experiences."

Organic revenue growth should be between 6% and 8% for 2024 and 2025.