CORRECTED-Edenred says no signs of recovery in Brazil economy

jueves 11 de febrero de 2016 03:26 GYT
 

(Corrects first name of CEO to Bertrand from Bernard in paragraph 5)

PARIS Feb 11 (Reuters) - French voucher and prepaid card provider Edenred <EDEN.PA said on Thursday growth this year was likely to be at the lower end of its 8 percent to 14 percent target range because the Brazilian economy shows no signs of recovery.

The owner of the Ticket Restaurant brand said 2015 earnings before interest and tax (EBIT) reached 341 million euros ($385 million), down from 341 million euros in 2014 but up 9.7 percent on a like-for-like basis.

Edenred, which competes with caterers Sodexo and Compass, as well as credit card networks MasterCard and Visa, earns about 50 percent of its operating profit in Brazil.

Edenred's exposure to Brazil, where political and economic turmoil has shaken investor confidence, and the surprise departure of former Chairman and CEO Jacques Stern, pushed its shares down 24 percent last year.

New Chairman and CEO Bertrand Dumazy has been in place since October. Last month, Edenred unveiled plans to expand in Brazil through a joint venture with Embratec that will see it double the size of its fuel card business in the country.

($1 = 0.8855 euros) (Reporting by Dominique Vidalon; Editing by David Clarke)