French catering group Sodexo plans to list voucher unit in early 2024

(Reuters) – French catering and food services group Sodexo (EPA:) on Thursday said it planned to list its voucher and benefits division Pluxee in early 2024.

The proposed full spin-off will be put to a shareholder vote during a dedicated general meeting to be held early next year, the group said in its full-year earnings statement.

Full-year organic revenue growth for the unit came in at 26.9% compared to a group guidance of above 20%, as the company continues to see solid demand for its food vouchers and employee benefits. Employers are turning to companies like Sodexo and Edenred (EPA:) to offer vouchers to staff as perks to encourage them to return to the office as well as help them cope with the rising cost of living. Sodexo also said it expects for 2024 and 2025 an organic revenue growth between +6 and +8% per annum with underlying operating profit margin expected to continue to grow by +30-40 bps per year.