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Services group Edenred eyes further profit rise after strong first-half

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By Reuters
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PARIS (Reuters) – French pre-paid meal vouchers and card provider Edenred <EDEN.PA> predicted a further rise in operating profit which should reach a new record level in 2019, after posting strong first half results.

Edenred, which helps firms manage staff expenses and benefits and is best known for its ‘Ticket Restaurant’ vouchers, said earnings before interest and tax (EBIT) reached 249 million euros (£224 million ) in the first-half.

That marked a like-for-like rise of 15.4%, excluding the impacts of currency rates, acquisitions and divestments.

Edenred, which competes with caterer Sodexo <EXHO.PA> as well as with Fleetcar and Wex in fuel cards and with Wirecard or Visa in payment systems, forecast EBIT between 520 million euros and 550 million euros this year, versus 461 million in 2018.

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)