Integrated Report Fiscal 2024

A year of strong Financial delivery

Fiscal 2024 consolidated revenues reached 23.8 billion euros, up +5.1% year-on-year, driven by organic growth of +7.9%, offset somewhat by a net contribution from acquisitions and disposals of -1.0% mainly linked to the sale of the Homecare activities in October and a negative currency impact of -1.8%.

Organic growth of +7.9% was driven by 4% of pricing and close to 4% of new volumes, including the net new contribution. Pricing decelerated progressively during the year, and volume growth slowed as the Covid recovery in volumes came to an end. The year benefited from two major sporting events with the Rugby World Cup in the first quarter and the Olympics in the fourth quarter.

Food services organic growth, at +9.3%, outperformed FM services, at +5.5%. Food services now represent 66% of Group revenues.

Underlying operating profit was 1.1 billion euros, up +13.7%, and the Underlying operating margin was 4.7%, up +40 bps, driven by the operating leverage from higher revenue, rigorous inflation management and enhanced on-site productivity. Net profit from continuing activities was up +31.8% to 738 million euros. Underlying net profit from continuing activities, adjusted for Other Operating income and expenses net of tax and for exceptional tax, amounted to 775 million euros, up +17.6%.

During Fiscal 2024, the Group also successfully improved its financial position, generating 661 million euros in free cash flow, resulting in a reduction in financial leverage to 1.7x compared to 2.2x at the end of the previous fiscal year, aligning within the target range.

Net new business signed during the year was positive, at 1.6%, lower than the previous year, at 2.2%, but still well above pre-Covid levels and at better terms and margins than the previous year. New development was 7.4%, with a record year in signings, exceeding 1.9 billion euros including cross-selling, and client retention was 94.2%.