First-half performance in line with preliminary results announced on May 16. Full-year guidance confirmed
Elior Group (Euronext Paris – ISIN: FR 0011950732), one of the world’s leading operators in the catering and support services industry, today released its consolidated results for the first half of fiscal 2017-2018, corresponding to the six months ended March 31, 2018.
Commenting on these results, Philippe Guillemot, Elior Group's Chief Executive Officer, said: "The Group's first-half performance was mixed. Despite the impact of poor weather conditions, organic growth remained solid at 2.9%, fueled mainly by the United States and the United Kingdom in contract catering and the Americas, Spain and Portugal in concession catering. Our operating profitability was lower than expected, with adjusted EBITDA representing 6.9% of revenue. Our businesses continued to generate a good level of cash flow, however, with free cash flow holding firm compared with the first half of 2016-2017 thanks to careful management of working capital and despite a controlled increase in our capital expenditure. The outlook for our businesses is solid, which will be reflected in the strategic plan that we are currently finalizing and the Group's new goals for the coming three years."