Elior Group publishes preliminary results for the first half of fiscal 2017-2018 and revises its full-year guidance
Elior Group (Euronext Paris – ISIN: FR 0011950732), one of the world's leading operators in the catering and support services industry, today released preliminary financial information for the first half of fiscal 2017-2018 and revised its full-year guidance.
Philippe Guillemot, Chief Executive Officer of Elior Group, said: "Our second-quarter performance was disappointing. Profit margins for contract catering in France were impacted by a tough competitive environment combined with a period of managerial instability. This latter period is now behind us, a diagnostic analysis has been carried out and action plans launched accordingly. The large number of new contracts that started up, both in concession catering and contract catering, also had a temporary dilutive impact on our margins. And lastly, the poor weather conditions in France, Italy, the United Kingdom and the United States, as well as transport strikes in France, weighed on our revenue and profitability. All of these factors have led us to revise our guidance for the full year. The new Executive Committee set up in March is fully and committedly engaged at my side to oversee the short-term action plans already undertaken and draw up an ambitious and credible business plan for the medium and long term. We will present this plan on June 26".