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Sodexo: Q1 sales up 20%

( - Sodexo has announced Q1 2023 revenues of 6.
3 billion euros, up 20.2% y-o-y, with a consolidation scope effect of -1.2%, a currency effect of +9.2%, with organic growth of +12.3%.

"On-Site Services continued to benefit from the post-Covid ramp-up, with a higher level of attendance, in all geographies, in the workplace, in stadiums, in convention centers and in Universities," the group said.

It added that, "The acceleration of the organic growth in revenues of Benefits & Rewards Services continued in the First quarter... In particular, the quarter benefited from higher interest rates in the euro zone for the first time and a significant one-off contribution from the Austrian Klimabonus".

Sodexo is maintaining its targets for FY 2023, which include organic growth of +8% to +10%, in particular driven by an inflationary effect of 4% to 5%, and an operating margin of close to 5.5% at constant rates.

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