Today, Elior Group (Euronext Paris – ISIN: FR 0011950732), a world leader in contract catering and multiservices, is releasing its unaudited results for the 2023-2024 fiscal year (twelve months ended September 30, 2024).
The Group’s transformation and business development strategy launched in April 2023 is paying off:
- A much stronger operating profile, with EBITA surging €108 million (183%) vs 2022-2023, i.e., a €215 million increase in just two years.
- A more robust and agile Group thanks to an overhauled and leaner organizational structure to make us more customer centric.
- A faster pace of deleveraging, rewarded by improved credit ratings[1].
Robust growth for all indicators in fiscal 2023-2024
- €6,053 million in consolidated revenue, representing year on-year organic growth of 5.1% (vs a target of 4% to 5%) and 4.9% on a pro forma basis.
- Sharp €127 million increase in EBITDA, to €333 million.
- Strong rise in adjusted EBITA to €167 million, and adjusted EBITA margin widening 170 basis points to 2.8% (vs a target of >2.5%).
- A return to positive generation of free cash flow, coming in at €215 million (vs a negative €58 million a year earlier) and helping reduce the Group's leverage ratio by 1.6 points to 3.8x.
Outlook for fiscal 2024-2025 and objectives
- Organic revenue growth between 3% and 5%.
- Adjusted EBITA margin over 3%
- Confirmation of the objective to achieve €56 million in run-rate operating synergies by 2026.
Continuation of the deleveraging strategy, with target leverage ratios of below 3.5x at September 30, 2025 and below 3.0x at September 30, 2026.
Commenting on these results, Daniel Derichebourg, Elior Group’s Chairman and CEO, said:
“The Group’s impressive results for fiscal 2023-2024 were achieved as a result of putting into action the strategy I launched in 2023 following the alliance between Elior and Derichebourg Multiservices, which is now clearly paying off. We’ve overhauled our entire organizational structure to make decision-making more agile and to become more customer centric. We’ve won market share and grown our business through new acquisitions and new contracts. And we’re in the process of successfully transforming our Group: Elior is now stronger and more agile, and is continuing to deleverage. This performance illustrates how we're well on track to getting Elior back to its rightful place in the market and re-establishing its winning mindset. I have every confidence in our ability to continue down this path and keep up our growth trajectory. I’d like to take this opportunity to thank warmly all of our teams and stakeholders – both internal and external – for their hard work, engagement and support. The performance supported in the beginning of the fiscal year confirms this recovery. Elior is back.”
[1] Assigned by S&P Global Ratings and Fitch Ratings