(Reuters) - France's Edenred EDEN.PA said on Monday it expected a return to year-on-year organic growth in monthly operating revenue in the second half of the year, boosted by a cost savings plan and strengthened digital offering.
The company, which provides meal vouchers and cards, saw a strong rebound in its June operating revenue, after declines of 19% and 18% in April and May, thanks to a gradual lifting of lockdown measures in Europe.
The inventor of Ticket-Restaurant also reinstated its full-year outlook and expects 2020 earnings before interest, taxes, depreciation and amortisation to come between 540 million (492.25 million pounds) and 610 million euros (556.06 million pounds).
“While we are still in the middle of crisis in Latin America, in Europe we are capable to quickly reactivate all the measures taken during the first wave,” said Edenred’s Chairman and Chief Executive Officer Bertrand Dumazy.
With digital solutions now representing more than 80% of Edenred’s consolidated business volume, the company said it was ready to accelerate its digitalization to 100% in the environment where people continue to regularly work from home.
Edenred, which competes with Sodexo EXHO.PA among others, posted second-quarter operating revenue of 292 million euros, topping analysts expectations.
Reporting by Maria Trybus in Gdansk, Editing by Sherry Jacob-Phillips and Emelia Sithole-Matarise
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