First-half 2017 results

Strong growth in business and financial results

Edenred has published strong first-half 2017 financial results:

  • Revenue for the period up 23.7% to €650 million 
  • Operating EBIT margin[1] up 0.7 points to 27.0%
  • EBIT[2] up 24.6% to €201 million
  • Net profit, Group share up 68.2% to €120 million from €71 million in first-half 2016

Like-for-like, Edenred's performance in the first half is in line with its annual growth targets:

  • Operating revenue up 8.5% (annual target: above 7%)
  • Operating EBIT[3] up 17.6% (annual target: above 9%)
  • Funds from operations (FFO)[4] up 16.2% (annual target: above 10%)

Edenred is confident about its outlook for the second half of the year and is expecting EBIT of between €420 million and €445 million[5] for full-year 2017, compared to €370 million in 2016.

Bertrand Dumazy quote

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred
, said: "Edenred's performance reflects the measures taken as part of our Fast Forward strategic plan. All of our employees are working to achieve the Group's goals. We continue in our efforts to build a more balanced business and geographical profile. Europe now accounts for over half of our operating revenue thanks to the consolidation of UTA, while Fleet & Mobility Solutions represent 25%. The major contract signed with the IATA gives greater credibility to our recently launched Corporate Payment business line, particularly in the travel industry."

Bertrand Dumazy added: "In line with our newly defined ambitions, in June we unveiled our new global identity aimed at enhancing the recognition of our brand. Our offer is now built around three business lines: Employee Benefits, Fleet & Mobility Solutions, and Complementary Solutions. Edenred also continues with its structured innovation strategy, notably launching digital solutions designed to enhance the user experience and round out its offering. All of these factors have helped the Group deliver a very strong first-half performance in line with its strategy of sustainable and profitable growth. We are therefore confirming our medium-term organic growth targets for full-year 2017 and are setting an EBIT target of between €420 million and €445 million for the year."

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[1] Ratio of operating EBIT to operating revenue
[2] Operating profit before other income and expenses (EBIT)
[3] EBIT adjusted for financial revenue
[4] Before non-recurring items
[5] Calculated based on an assumption of an average Brazilian real / euro exchange rate for the second half of the year equal to the actual rate as of June 30, 2017