September 6, 2018 / 5:11 AM / a year ago

France's Sodexo unveils plan to accelerate growth

PARIS, Sept 6 (Reuters) - Sodexo, a French food services and facilities management group, said on Thursday it planned to accelerate its sales and profit growth under a new strategic plan.

Sodexo, which is the world’s second-biggest catering company after Compass Group, said it planned to deliver revenue growth above 3 percent by fiscal year 2019/20, and then return to an underlying operating profit margin above 6 percent.

The French company, which will hold a Capital Markets Day in Paris on Thursday, reiterated its full-year forecast of organic revenue growth of between 1 percent and 1.5 percent and an underlying profit margin of around 5.7 percent.

The company’s shares plunged 20 percent so far this year, following a string of warnings mostly related to weaknesses in the North American business where cost savings have lagged and several large contracts reflected a slower build-up. (Reporting by Dominique Vidalon, Editing by Sherry Jacob-Phillips)

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