(Boursier.com) — Consolidated revenue for the third quarter of fiscal year 2023 reached 6 billion euros at Sodexoup 9.1% compared to the previous year, including a negative currency effect of -1.2% and a contribution from acquisitions net of disposals of -0.2%.
As a result, organic revenue growth in the third quarter of fiscal year 2023 was +10.5%. Revenue for the first 9 months, up to the end of May, reached 18.1 billion euros, up +14.7%, representing organic growth of +12.4%.
Third-quarter FY2023 On-site Services organic revenue growth was up +9.9%, benefiting from the contribution to revenue from net development of 2%, higher above 5% and volume growth at constant scope (including sales of additional services) of almost 4%. The end of the contract for the screening centers in the United Kingdom has a negative impact on organic growth of -0.9%.
Organic growth for the quarter was driven by Food Services, whose organic growth was +13.8%, while that of Facilities Management Services reached +3.6%, or +6% excluding the impact of the end of the screening center contract.
Net development momentum remains strong, driven by improved customer loyalty and new signings since the start of the year.
Organic revenue growth for Pluxee (Benefits & Rewards Services) amounted to +25.5%. Organic growth in operating revenue reached +16.7% and continued to accelerate in the third quarter, driven by positive net development and the increase in face values. The trajectory of financial revenues remains very solid, benefiting from the continued increase in interest rates in the euro zone.
Sodexo continues to make progress on its sustainability commitments:
At the end of the third quarter of the 2023 financial year, the frequency rate of lost-time accidents over twelve rolling months decreased by -32% (from 0.62 to 0.47) and the severity of lost-time accidents by work is down -70%. A recent “near missed campaign” awareness campaign demonstrated the increased commitment of employees to safety issues, illustrating a significant change in our safety culture.
As part of its commitment to the preservation of natural resources, and focusing in particular on sustainable fishing, Sodexo participated in the creation of an innovative fund with the World Wildlife Fund (WWF) and Finance Earth (FE). This fund aims to reverse the decline of fisheries resources and to deploy positive impact initiatives around the world.
At the end of the 2022 financial year, 85.3% of the seafood products purchased by Sodexo came from responsible sources, in line with the 2025 objective of 100%.
Update on the Pluxee spin-off and listing project (Benefits & Rewards Services)
The Benefits & Rewards Services activity became Pluxee, the new commercial brand and name of the future listed company.
The future appointment of Didier Michaud-Daniel as Chairman of the Board of Directors of Pluxee has been approved by the Board of Directors of Sodexo. Didier Michaud-Daniel will bring to Pluxee’s Board of Directors his significant experience as a manager of large listed international companies operating in BtoB environments, as well as his experience of the financial markets. Didier Michaud-Daniel has solid experience in leadership, and in leading companies undergoing rapid growth and transformation. He will play an active role alongside Aurélien Sonet, confirmed as Chief Executive Officer of Pluxee, and Stéphane Lhopiteau, who is joining Pluxee as Chief Financial Officer. Didier Michaud-Daniel is currently working on setting up Pluxee’s future Board of Directors and is supporting the management team in preparing the ‘spin-off’.
Commenting on his appointment, Didier Michaud-Daniel said: “I am very happy to take part in the Pluxee adventure and very honored by the confidence of the Bellon family and the Sodexo Board of Directors. The future looks exciting. for this future “pure player” positioned in a growing and high-potential market. The teams that I have begun to meet are deeply committed, dynamic and attached to the strong values of Pluxee. I am convinced that the strategic approach that we are deploying is the right one and that it will allow us to accelerate and generate strong growth and strong profitability in the years to come.”
Perspectives
“We are refining our guidance for fiscal year 2023 to reflect the strong performance of Pluxee and the solid performance, in line with expectations, of On-site Services in the third quarter:
For Pluxee: organic revenue growth above +20% and operating margin above 32%, at constant exchange rates.
For the Group: organic growth in turnover close to +11% and operating margin at 5.5%, at constant exchange rates” concludes the group.
2023-06-30 16:32:42
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