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2020-07-07

Sodexo Q3 Fiscal 2020 Revenue impacted by COVID-19

  • Q3 Organic growth at -29.9%, better than early-April hypothesis
  • More prudent hypotheses for Q4 revenues compensated by better Underlying operating profit flow-through in H2

Issy-les-Moulineaux, July 7, 2020 - Sodexo (NYSE Euronext Paris FR 0000121220-OTC: SDXAY).

Q3 Fiscal 2020 revenues

REVENUES BY SEGMENT
(In millions of euro)
Q3 FISCAL20 Q3 FISCAL19 RESTATED ORGANIC
GROWTH
  ORGANIC
GROWTH
EXTERNAL
GROWTH
CURRENCY
EFFECT
TOTAL
GROWTH
Business & Administrations 2,061 2,935 -28.5%   -27.0% +0.1% -2.9% -29.8%
Healthcare & Seniors 1,157 1,352 -12.9%   -15.4% +1.1% -0.1% -14.4%
Education 542 1,174 -53.9%   -54.8% 0.0% +0.9% -53.8%
On-site Services 3,760 5,460 -30.1%   -30.1% +0.3% -1.4% -31.1%
Benefits & Rewards Services 152 223 -22.8%   -22.8% +0.3% -9.2% -31.8%
Elimination -1 -1            
TOTAL GROUP 3,910 5,682 -29.9%   -29.9% +0.3% -1.7% -31.2%

Sodexo CEO Denis Machuel said:

“We have lost nearly one third of our Q3 revenues relative to last year due to COVID-19. Nevertheless, our On-site business broad geographic mix, strong Facilities Management (FM) and large integrated accounts combined with Benefits & Rewards have given us resilience.

At the start of the crisis, our focus was on protecting the health and safety of our people, consumers and clients. With a significant number of sites fully or partially closed, we immediately identified all means to protect our cash and reduce our costs.

As deconfinement became a reality, first in Asia, then in Europe, we launched "rise with Sodexo”, a new program to help our clients reopen their sites safely and as quickly as possible. This multi-service approach brings together a wide range of our services with secure protocols, approved by the Sodexo Medical Advisory Council and carrying a Bureau Veritas hygiene verification label.

I am extremely proud of the speed of action and innovation that our teams have shown.
I am convinced that the company is in a position to come out of this crisis stronger than ever.”

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