PARIS, August 25, 2011 /PRNewswire/ --
Robust like-for-like performance in first-half 2011
- Issue volume up 10.0% to €7,264 million
- EBIT up 12.1% to €167 million
- Recurring profit after tax up 31.3%  to €96 million
- Funds from operations  (FFO) up 20.2% to €119 million
Results that reflect the Group's long-term strategy, focused on:
- Issue volume organic growth in the core business
- Accelerating the digital transition
(in EUR millions) H1 2010 H1 2011 % change Reported Like-for-like Issue volume 6,615 7,264 +9.8% +10.0% Operating revenue 422 456 +8.1% +9.2% Financial revenue 39 44 +14.8% +16.0% Total revenue 461 501 +8.6% +9.8% Operating EBIT 116 123 +5.7% +10.8% Financial EBIT 39 44 +14.8% +16.0% EBIT 155 167 +8.0% +12.1% Operating profit before tax and non-recurring items 114 144 +25.8% Net profit, Group share 37 98 Recurring profit after tax 72 96 +31.3% Recurring earnings per share (in EUR) 0.32 0.42ISSUE VOLUME UP 10.0% LIKE-FOR-LIKE Issue volume amounted to €7,264 million in the first half of 2011, up 10.0% like-for-like and 9.8% as reported, after taking into account the 0.9% negative currency effect for the period. The increase reflected strong growth in emerging markets (up 18% like-for-like). These markets accounted for 57% of total issue volume, led by Latin America. Issue volume in developed markets rose by 1%. However, excluding the loss of the CONSIP contract in Italy , the growth rate was 3.5%, in line with the Group's 2010 performance in these markets. Issue Volume by type of solution in H1 2011
Incentive Public Expense and social Employee benefits management rewards programs TOTAL Meal & Quality Food of life Issue volume (in EUR millions) 5,794 520 618 271 61 7,264 % of total issue volume 80% 7% 8% 4% 1% 100% Like-for-like growth +10% +10% +19% -3% +17% +10%The drivers of the 10.0% growth in issue volume were :
- Higher penetration rates in existing markets, accounting for 4.8 points of growth. Effective sales and marketing initiatives were deployed in all of Edenred's markets to attract new clients and beneficiaries. These initiatives added close to 20,000 beneficiaries in France and 35,000 in Brazil for Ticket Restaurant® and nearly 16,000 in the United Kingdom for Childcare Vouchers.
- Increased average face values, contributing 4.5 points of growth, particularly in Latin America.
- New solutions, generating 0.7 points of growth in line with last year's 0.6 points. This driver will represent an increasingly significant contributor to issue volume growth from 2012, with the systematic deployment of new solutions.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV