Fiscal 2021 Benefits & Rewards Services revenue amounted to 745 million euro, up +3.9% organically, with the first halfdown -8.1% and a second halfup +18.2%. Employee benefits organic growth was +3.8% compared to an issue volume up +5.2%, the performance gap being attributable in particular to delayed reimbursement volumes during the year due to the closure of restaurants during confinement. Services Diversification was up +4% organically. Organic growth in Europe and Asia was positive at +6.4%, whereas Latin America was down due to fierce competitive pressures in Brazil.
| REVENUES BY ACTIVITY (in millions of euro) |
FY 2021 | FY 2020 | ORGANIC GROWTH |
|---|---|---|---|
| Employee benefits | Employee benefits FY 2021577 |
Employee benefits FY 2020607 |
Employee benefits ORGANIC GROWTH+3.8% |
| Services Diversification* | Services Diversification *FY 2021168 |
Services Diversification *FY 2020166 |
Services Diversification *ORGANIC GROWTH+4.0% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESFY 2021745 | BENEFITS & REWARDS SERVICESFY 2020773 | BENEFITS & REWARDS SERVICESORGANIC GROWTH+3.9% |
* Including Incentive & Recognition, Mobility & Expenses and Public Benefits.
| REVENUES BY ACTIVITY (in millions of euro) |
H2 FY 2021 | H2 FY 2020 | ORGANIC GROWTH |
|---|---|---|---|
| Employee benefits | Employee benefits H2 FY 2021302 |
Employee benefits H2 FY 2020259 |
Employee benefits ORGANIC GROWTH+18.2% |
| Services Diversification* | Services Diversification *H2 FY 202184 |
Services Diversification *H2 FY 202070 |
Services Diversification *ORGANIC GROWTH+18.5% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESH2 FY 2021386 | BENEFITS & REWARDS SERVICESH2 FY 2020329 | BENEFITS & REWARDS SERVICESORGANIC GROWTH+18.2% |
* Including Incentive & Recognition, Mobility & Expenses and Public Benefits.
In the second half, the organic growth in Employee Benefits revenues was +18.2%, compared to an organic growth in issue volume of +11%. The discrepancy of the performance between revenues and issue volumes is due to the impact of the catch-up in reimbursement volumes as restaurants reopened. As reimbursement grew, the float declined during the period.
Services Diversification was also up +18.5% organically, resulting from a recovery from very low levels in the previous year in Travel & Expense management and Incentives & Recognition, while public benefits continued to grow due to ongoing and new Government schemes in several countries.
| REVENUES BY REGION (in millions of euro) |
FY 2021 | FY 2020 | ORGANIC GROWTH |
|---|---|---|---|
| Europe, USA and Asia | Europe, USA and Asia FY 2021499 |
Europe, USA and Asia FY 2020482 |
Europe, USA and Asia ORGANIC GROWTH+6.4% |
| Latin America | Latin America FY 2021246 |
Latin America FY 2020290 |
Latin America ORGANIC GROWTH-0.3% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESFY 2021745 | BENEFITS & REWARDS SERVICESFY 2020773 | BENEFITS & REWARDS SERVICESORGANIC GROWTH+3.9% |
| REVENUES BY REGION (in millions of euro) |
H2 FY 2021 | H2 FY 2020 | ORGANIC GROWTH |
|---|---|---|---|
| Europe, USA and Asia | Europe, USA and Asia H2 FY 2021256 |
Europe, USA and Asia H2 FY 2020213 |
Europe, USA and Asia ORGANIC GROWTH+22.9% |
| Latin America | Latin America H2 FY 2021129 |
Latin America H2 FY 2020117 |
Latin America ORGANIC GROWTH+10.7% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESH2 FY 2021386 | BENEFITS & REWARDS SERVICESH2 FY 2020329 | BENEFITS & REWARDS SERVICESORGANIC GROWTH+18.2% |
In Europe, Asia and USA, the second half Fiscal 2021 organic revenue growth was +22.9%, as restaurants reopened and activity picked back up in allthe diversified services.
In Latin America, organic growth was +10.7% , boosted by issue volume growth, even though the environment remained very competitive in Brazil. Growth in the rest of the region was mixed with strong activity in Mexico, boosted by the solid fueL cards activity while the Covid-related public benefits activity slowed down, compared to the strong comparative basis of the previous year.
