SDXOF - Sodexo S.A. (SDXOF) Q2 2024 Earnings Call Transcript
2024-04-19 10:32:07 ET
Sodexo S.A. (SDXOF)
Q2 2024 Results Conference Call
April 19, 2024 03:45 PM ET
Company Participants
Virginia Jeanson - Investor Relations
Sophie Bellon - Chief Executive Officer
Marc Rolland - Chief Financial Officer
Conference Call Participants
Jamie Rollo - Morgan Stanley
Vicki Stern - Barclays
Jaafar Mestari - BNP Paribas
Julien Richer - Kepler
Johanna Jourdain - ODDO
Estelle Weingrod - JPMorgan
Leo Carrington - Citi
Presentation
Virginia Jeanson
Good morning, everyone. Welcome to our first half fiscal 2024 results call.
On the call today, we have Sophie Bellon, Chairwoman and CEO; and Marc Rolland, CFO. As usual, we'll start with a presentation and then open up the call for your questions. If you haven't already downloaded, then the slides and press releases are available on sodexo.com, and you'll be able to access this call on our website for the next 12 months.
The call is being recorded, but may not be reproduced or transmitted without our consent. Don't hesitate to get back to the IR team if you have any further questions after the call. Please note that the Q3 revenues will be on the 2nd of July. And I now turn the call over to Sophie.
Sophie Bellon
Thanks, Virginia. Good morning, everyone, and thanks for being with us today. I know that for many of you, it is a busy morning with both Pluxee and Sodexo. We shall go back to a more normal date for Sodexo’s H1 announcement next year.
So this has been a busy first half for us at Sodexo. And I’m really proud of the fact that the spin-off and listing of Pluxee was effective on February 1. It has been hard work for the teams, but we have managed to pull it off in record time with no interruption to the underlying businesses and a successful stock market trajectory so far.
Sodexo has now become a pure player in food and facility management, and we’re excited by the profitable growth opportunities that exist in a market over €600 billion. In the meantime, we’ve had a solid H1 performance on track for our guidance, and we have made steady progress on net new wins with record retention. We have also executed at pace on our strategy development. With a strong increase in branded food volumes, Modern Recipe is now deployed in 12 countries, 400 sites and organic sales growth is 22% year-on-year.
We’re also progressing on client adoption of low carbon meals, and I shall show you a client testimony in a couple of minutes. And finally, we have disposed of the Homecare activities, freeing up cash and allowing us to refocus our energy on transforming our core Food business....
Sodexo S.A. (SDXOF) Q2 2024 Earnings Call Transcript