Sodexo, which is benefiting from the cost-of-living crisis as employers look for ways to support staff without hiking wages, announced in April a plan to spin off and list its voucher unit on the stock exchange in 2024, betting on the good performance of the business.
Smaller French rival Edenred (EDEN.PA), which joined France's blue-chip index CAC 40 (.FCHI) on Monday, posted in April first-quarter operating revenue growth as employers used its meal tickets and fuel cards to help staff cope with inflation.
Pluxee, which employs 5,000 in 31 countries, targets full-year organic revenue growth of close to 20% and an underlying operating profit margin of around 32%.
Sodexo's voucher business reported a core profit of 162 million euros ($177 million) in the first half of 2023.
Reporting by Federica Mileo and Diana Mandiá in Gdansk, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons:
Aurelien Sonet, Pluxee, Sonet, Edenred, Federica Mileo, Diana Mandiá, Louise Heavens
Organizations:
Thomson
Locations:
Gdansk