- Solid like-for-like first-quarter growth in line with expectations, with:
- Issue volume up 7.4% like-for-like to €4,284 million, reflecting accelerating momentum in Europe (up 6.9%), sustained growth in Latin America (up 7.5%) and dynamic growth in the Rest of the World (up 12.1%),
- Total revenue up 5.2% like-for-like to €249 million, notably reflecting a 5.8% rise in operating revenue with issue volume and a 3.1% decline in financial revenue.
- Significant negative currency effects over the period, mainly coming from Latin America.
- Confirmation for 2016 of annual like-for-like issue volume growth at the lower end of the Group's historical medium-term target range of 8%-14%.
First-quarter key facts
- Creation of a joint venture with Brazilian group Embratec
Edenred announced in January 2016 the signature of an agreement with Brazilian group Embratec, whereby the two companies will combine their expense management assets in Brazil in a joint venture 65%-owned by Edenred and 35%-owned by Embratec's founding shareholders.
- Appointment to Edenred's Board of Directors
At its meeting on March 23, 2016, Edenred's Board of Directors appointed Sylvia Coutinho, Country Head of UBS Brazil, as a Director of Edenred.
Read the press release