Elior Group (Euronext Paris – ISIN: FR 0011950732), one of the world’s leading operators in catering and support services, announces its revenues for the third quarter of fiscal year 2022-2023, ended June 30, 2023.
Elior Group Chairman and CEO Daniel Derichebourg commented:
"Organic growth remained solid in the third quarter, driven by volume and price increases, as well as positive net new business. Inflation seems to have peaked but remains high. In addition, our margins are temporarily impacted by higher-than-expected start-up costs in relation to a handful of new catering contracts in France and Italy. The integration of Derichebourg Multiservices is progressing well and reinforces my confidence in the synergy target initially set. Beyond this, I have decided to intensify and accelerate the overhaul of our organization, particularly in France, in terms of both structures and operations. To date, in France, we have already initiated recurring cost reductions totaling 24 million euros per year. After these first three months at the helm of Elior, I remain very confident. The turnaround potential is greater than I had initially identified.”