H1 2018-2019 performance: first signs of recovery; solid fundamentals for the New Elior
Elior Group, 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 2018-2019, corresponding to the six months ended March 31, 2019.
Commenting on these results, Philippe Guillemot, Elior Group’s Chief Executive Officer, said: “The €1.54 billion offer we have received for the acquisition of Areas is paving the way for a new chapter in the Group’s history – that of a New Elior, which will be more solid with a strengthened balance sheet and refocused on our core businesses of contract catering and services. I am confident in the robustness of these structurally cash-generative businesses, and in their potential for profitable growth.
Our renewed management team has already been proving its ability to get the Group back on track. Together we have set ourselves an ambitious goal – to step up our organic growth, operating margins and cash generation as from fiscal 2019-2020.
In the first half of 2018-2019, our transformation plan has already delivered its first results. In line with our roadmap announced in June 2018, we have enhanced the management of our operations and tightened our commercial discipline thanks to a more selective sales policy. At the same time, we have fully met our key objective of improving cash generation. Going forward, our first-half results give us confidence that we will be able to achieve our target of improving margins in the second half of 2018-2019 compared with the previous fiscal year.”