May 16, 2018 / 5:50 AM / 2 months ago

French catering group Elior cuts its FY guidance

May 16 (Reuters) - Elior, Europe’s third-largest catering group, cut full-year guidance after it posted lower-than-expected preliminary results for the first half of fiscal year, citing a tough competitive environment for contract catering in France.

The support services company now forecasts an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin of 7.5 percent-7.8 percent, compared with a previously expected stable adjusted EBITDA margin. The group had reported an EBITDA margin of 8.3 percent for 2016-17.

bit.ly/2Kr6nbb (Reporting by Nolwenn Brossier; Editing by Subhranshu Sahu)

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