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    SW   FR0000121220

SODEXO

(SW)
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Real-time Quote. Real-time Euronext Paris - 01/21 11:35:11 am
84.22 EUR   -0.38%
01/18EUROPE : European shares end at one-week low as tech resumes its descent
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01/18Today on Wall Street: Changes
01/18Bain Capital weighs bid for stake in Sodexo benefits unit – sources
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Sodexo : Catering group Sodexo in talks on job cuts, sees further sales hit

10/29/2020 | 05:50am EST
FILE PHOTO:  The logo of French food services and facilities management group Sodexo is seen at the company headquarters in Issy-les-Moulineaux near Paris

(Reuters) - French catering and food services group Sodexo said on Thursday it was in talks with employee representatives over its planned 2,083 job cuts, as it forecast a further revenue slump in a sector that was recovering but still hurt by the coronavirus crisis.

The group, one of the world's biggest catering companies alongside Britain's Compass, said it planned to propose all possible measures to limit the impact - particularly through voluntary transfers to its other activities in France.

"I hope all the measures we take will be sufficient and will allow us to employ people again when we return to growth," chief executive Denis Machuel told reporters.

He added that Sodexo - which provides catering for businesses, government agencies, hospitals, schools and events - had already transferred thousands of employees from closed posts such as retirement homes and had identified some 600 open posts in France.

Sodexo announced the job cuts on Tuesday, saying they would represent less than 7% of its workforce and mainly affect its corporate services operation.

Restructuring costs during its 2020 fiscal year more than quadrupled to 191 million euros as government support schemes across its regions come to an end.

The firm forecast a 20-25% revenue slump for the six months ending February 2021 compared to the same period of 2020, as well as a free cash flow hit of 250 million euro ($295.48 million) from restructuring costs, payment delays and reimbursement of Olympic Games hospitality packages.

Sodexo's core profit fell 50% for the fiscal year ended Aug. 31 on 11% lower revenue, beating analysts' expectations.

Machuel said he remained confident in Sodexo's guidance after France announced a return into lockdown on Wednesday night.

Sodexo decided not to propose a dividend for its 2020 fiscal year.

(Story refiles to clarify constant rates in 3rd last para)

(Reporting by Sarah Morland in Gdansk, Editing by Sherry Jacob-Phillips and Tomasz Janowski)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COMPASS GROUP PLC -0.97% 1676.5 Delayed Quote.1.79%
SODEXO -0.38% 84.22 Real-time Quote.9.29%
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Analyst Recommendations on SODEXO
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Financials
Sales 2022 20 558 M 23 313 M 23 313 M
Net income 2022 600 M 681 M 681 M
Net Debt 2022 1 876 M 2 128 M 2 128 M
P/E ratio 2022 20,8x
Yield 2022 2,66%
Capitalization 12 320 M 13 973 M 13 971 M
EV / Sales 2022 0,69x
EV / Sales 2023 0,65x
Nbr of Employees 356 662
Free-Float -
Chart SODEXO
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Sodexo Technical Analysis Chart | SW | FR0000121220 | MarketScreener
Technical analysis trends SODEXO
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 84,22 €
Average target price 89,96 €
Spread / Average Target 6,81%
EPS Revisions
Managers and Directors
Sophie Clamens Chairman & Chief Executive Officer
Marc Rolland Finance Director-Africa, Europe & Eurasia Regions
Françoise Brougher Independent Director
Emmanuel Andre Marie Babeau Independent Director
Cécile Tandeau de Marsac Independent Director
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