(Reuters) – French foodservice group Sodexo said on Thursday it plans to list its voucher and employee benefits division Pluxee in early 2024, price hikes, recovery of tourism after the pandemic, and the return of face-to-face employees having boosted profits.

Sodexo shares rose 5.55% to 102.70 euros at 08:11 GMT, among the best performances on the SBF 120.

“The group benefited from the post-COVID recovery in the first half and a very good level of activity in the second half, with a record number of visitors to tourism and convention centers and an increase in prices,” said declared Marc Rolland, financial director, during a press conference.

Pluxee’s organic revenue growth for the year was 26.9%, while the group expected growth of more than 20%.

The complete demerger project will be put to a vote by shareholders at a dedicated general meeting to be held early next year, the group indicated in its press release on the results of the financial year.

The division’s turnover growth amounted to 26.9% over the year, while the group expected growth in excess of 20%, as the company continued to see strong demand for its restaurant vouchers. and its social benefits.

Employers are turning to companies like Sodexo and Edenred to offer vouchers to their employees to encourage them to return to the office and help them cope with the rising cost of living.

“The group is managing to overcome higher inflation, is no longer losing market share and is finally benefiting from industry outsourcing headwinds,” according to analysts at Jefferies.

Sodexo also said it expects organic revenue growth of between +6 and +8% per year in 2024 and 2025, with underlying operating margin expected to continue to grow by +30 to 40 basis points per year.

(Reporting Federica Mileo in Gdansk; Nathan Vifflin, edited by Blandine Hénault and Kate Entringer)

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