Edenred has published record annual results for 2017:
- Revenue up 17.6% to €1,339 million
- Operating EBIT margin up 0.8 points to 29.1%
- EBIT up 18.1% to €437 million
- Net profit, Group share up 37.0% to €247 million
- Recommended dividend of €0.85 per share, an increase of 37%
- Strong free cash flow generation (€399 million) enabling net debt to reach €713 million (versus €588 million at end-2016) after €280 million dedicated to acquisitions
Like-for-like, Edenred’s performance in 2017 was higher than the annual growth targets set for the medium term:
- Operating revenue up 9.1% (annual target: above 7%)
- Operating EBIT up 16.0% (annual target: above 9%)
- Funds from operations (FFO) up 21.8% (annual target: above 10%)
Edenred begins the new year with confidence and confirms its objective of achieving the annual organic growth targets set for the medium term again in 2018
Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: “With EBIT and net profit at record levels and a strong increase in free cash flow, the performance achieved in 2017 confirms that Edenred has set itself on a course of profitable and sustainable growth. Thanks to these results, we are able to offer a record dividend of €0.85 per share, while maintaining enough financial flexibility to seize external growth opportunities.
We delivered solid performances in Europe and achieved significant growth in Latin America despite a persistently difficult economic environment in Brazil. In the Employee Benefits business line, we continued to enhance our offering, particularly through digital solutions, and established ourselves as leaders in integrated mobile payment. In the Fleet & Mobility Solutions market, which now accounts for a quarter of our business and generates double-digit organic growth, we are benefiting from our position as a global leader following our acquisitions of Embratec in Brazil and of an increased stake in UTA in Europe. And the successful launch of our Corporate Payment offering – together with our unique open innovation approach – is generating a multitude of development opportunities.”
“Thanks to the initiatives under way, we are tackling 2018 with confidence and pursuing the Group’s transformation in line with the Fast Forward strategic plan, with the aim of developing new sources of profitable and sustainable growth.”
