A solid Fiscal 2023 performance
Capitalizing on its strong foundation, operating in attractive, growing markets, the Group strengthened its competitiveness and accelerated its transformation in Fiscal 2023 as part of the implementation of its 2025 strategy.
PERFORMANCE ABOVE GUIDANCE
In Fiscal 2023, the Group delivered above guidance. Organic revenue growth was +11.6% and Underlying operating profit margin at 5.6% compared to guidance of close to +11% and 5.5% respectively. Pluxee outperformed its guidance with organic growth of +26.9% and an Underlying operating profit margin of 33.1%.
Group FY23 Performance vs. Guidance
ORGANIC REVENUE GROWTH
| Fiscal 2023 Guidance | Fiscal 2023 performance | |
|---|---|---|
| GROUP | GROUP Fiscal 2023 Guidance close to +11% |
GROUPFiscal 2023 performance+11.6% |
| PLUXEE | PLUXEE Fiscal 2023 Guidance above +20% |
PLUXEEFiscal 2023 performance+26.9% |
UNDERLYING OPERATING PROFIT MARGIN
| Fiscal 2023 Guidance | Fiscal 2023 performance | Fiscal 2022 performance | Fiscal 2023 vs. Fiscal 2022 | |
|---|---|---|---|---|
| GROUP | GROUP Fiscal 2023 Guidance at 5.5% |
GROUPFiscal 2023 performance5.6% | GROUP Fiscal 2022 performance 5.0% |
GROUP Fiscal 2023 vs. Fiscal 2022 +60 bps |
| PLUXEE | PLUXEE Fiscal 2023 Guidance above 32% |
PLUXEEFiscal 2023 performance33.1% | PLUXEE Fiscal 2022 performance 28.6% |
PLUXEE Fiscal 2023 vs. Fiscal 2022 +450 bps |
On-site Services organic revenue growth was also strong at +11%, better than expected in all regions, due to the effect of the strong post-Covid recovery in the first half, and an acceleration in the contribution of net new business in the second half, as well as strong pricing throughout the year of more than 5%.
BEST CLIENT RETENTION RATE EVER
Retention reached a record 95.2%, up another 70 basis points during Fiscal 2023. Development was at 7%, within the expected range of 7-8%, also representing a record amount of signings of 1.7 billion euros, including cross-selling. As a result, net new development was positive for the second consecutive year, at 2.2%. Processes, incentives, reporting and top management focus are all contributing to this performance.
Evolution of Client Retention
This graph shows the evolution of client retention.
2012: 94.1%
2013: 92.5%
2014: 93.4%
2015: 93.1%
2016: 93.1%
2017: 93.5%
2018: 93.8%
2019: 93.3%
2020: 93.5%
2021: 93.1%
2022: 94.5%
2023: 95.2%
SPIN-OFF AND LISTING OF PLUXEE (BENEFITS & REWARDS SERVICES)
The Group has announced the full spin-off of Pluxee.
The listing is expected early 2024 on Euronext Paris, subject to approval of the listing prospectus by the Dutch Authority for the Financial Markets and its passporting to the French Autorité des marchés financiers, the Euronext admission decision and market conditions.
For more information about Pluxee, see page 30.