Sodexo S.A. (SDXAY.PK), a French catering and vouchers company, Thursday said group net income in the first half of the year declined 20.5 percent to 236 million euros from 297 million euros in the prior year.
The latest results included the impact of exceptional expenses generated by the operational efficiency improvement program as well as the effects of new fiscal measures, particularly in France.
Revenues in the period grew 4.3 percent to 9.463 billion euros from last year's 9.069 billion euros. This included 0.7 percent growth from acquisitions and changes in scope and 1.5 percent from currency impacts.
For fiscal 2013, organic revenue growth is estimated between 1 percent and 2 percent and the company sees stable operating profit compared with fiscal 2012.
Sodexo confirmed its confidence in achieving its objective of a consolidated operating margin of 6.3 percent by the end of fiscal 2015.
The Group also maintained its medium-term objective of 7 percent average annual consolidated revenue growth.
In January, the company said it continues to see modest growth in revenues and operating profit for fiscal 2013, compared to the previous year that benefited from the Rugby World Cup, the Olympics and a 53rd week in North America.
Sodexo CEO Michel Landel said, "In a more difficult economic environment, Sodexo is showing good resilience. Our Quality of Life services offer continues to be successful. Our clients are increasingly interested in our wide range of integrated services. Our leading position in emerging markets is also a driver of future growth...We are confident in the future and are maintaining our objectives for Fiscal 2015."
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