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Edenred: Sustained Growth In The Third Quarter

Stocks in this article: EDEN

Financial revenue grew at a brisk pace in the third quarter, rising 21.9% like-for-like. This performance lifted financial revenue for the first nine months by 17.9%.

Latin America continued to benefit from rising interest rates and a growing float [2], leading to 48.6% like-for-like growth in financial revenue during the third quarter, on the back of a 40.0% increase in the first half.

In Europe, the ongoing favorable interest rate comparatives helped to drive 7.3% like-for-like growth in financial revenue in the third quarter, compared with 4.3% in the first half.


Issue volume for the first nine months of 2011 totaled €10,844 million, a like-for-like increase of 9.7% that reflected vibrant local economies and robust marketing performances in Latin America (up 20.5%) and soft growth in Europe (up 2.3% excluding the loss of the Consip contract in Italy) in an environment shaped by stable number of people in work.

These favorable business trends should continue in the fourth quarter, although prior period comparatives will be unfavorable in Latin America (due to last year's very strong Christmas period sales) and the BtoC gift voucher weight will be higher in France.

On this basis, the Group confirms its 2011 target of 6% to 14% like-for-like issue volume growth.

Total revenue for the nine-month period came to €746 million, up by a robust 10.3% like-for-like. Operating revenue grew at the same pace as issue volume, reflecting stabilized client fee rates, while higher interest rates drove a sharp rise in financial revenue.

The fourth quarter should see a continuation of this underlying trend, although prior period financial revenue comparatives in Latin America will be higher.

The Group therefore confirms its 2011 target of reporting EBIT of between €340 million and €360 million.

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