April 19, 2018 / 6:53 AM / a month ago

Resilient Europe helps Edenred offset Brazil weakness

April 19 (Reuters) - French meal voucher company Edenred beat first-quarter revenue expectations on Thursday as a robust performance in Europe offset weakness in “gradually improving” Brazil.

Edenred reported a 13.8 percent rise in operating revenue on a like-for-like basis while Brazil grew 4.7 percent.

The company said Brazil continues to see high rates of unemployment though its business is gradually improving.

It warned against the strong negative impact of the Brazilian real currency but maintained its medium-term financial targets.

In contrast, larger rival Sodexo struck a cautious tone over its medium-term goals earlier this month. Sodexo is the world’s second-biggest catering company after Compass Group.

Reporting by Manon Jacob; editing by Jason Neely

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