SDXOF - Sodexo Non-GAAP EPS of Euro3.25 revenue of Euro12.09B; updates FY23 outlook and reiterates long-term outlook

2023-04-05 02:06:21 ET

• Sodexo press release ( OTCPK:SDXOF ): 1H Non-GAAP EPS of €3.25.
• Revenue of €12.09B (+17.8% Y/Y).
• Underlying operating profit +30.9%, H1 margin at 5.8%, up +60 bps.
• Effective tax rate was 27.1% against 28.3% in the previous year.
• Group Fiscal 2023 organic growth guidance upgraded : Organic growth now expected to be close to +11%, driven by higher-than-expected growth in H1 and price increases to remain above 5% in H2; Underlying operating profit margin confirmed to be close to 5.5% at constant rates.
• Benefits & Rewards Services Fiscal 2023 guidance upgraded on both organic growth and Underlying operating profit margin: Fiscal 2023 Organic revenue growth expected close to +20%; Fiscal 2023 Underlying operating profit margin expected close to 32%, at constant rates
• Group and Benefits & Rewards Services Fiscal 2024 and 2025 guidance reiterated: Group: +6 to +8% organic revenue growth and an Underlying operating profit margin above 6% at constant rates in FY2025; Benefits & Rewards Services: low double-digit organic revenue growth and an Underlying operating profit well above 30% at constant rates in FY2025.

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