UPDATE 1-Edenred Q1 revenue hit by Latam currencies

martes 15 de abril de 2014 12:15 GYT
 

* Q1 sales 238 mln euros, down 4.6 pct reported

* Q1 comparable sales up 7.1 pct, driven by Latam

* Keeps annual forecast for issue volume (Adds details)

PARIS, April 15 (Reuters) - Edenred, the French vouchers and prepaid cards group, said first-quarter revenue fell 4.6 percent year-on-year, dragged down by the effect of weaker exchange rates on emerging market currencies in Latin America.

Excluding currency impacts, acquisitions and divestments, revenue rose 7.1 percent to 238 million euros ($329 million), driven by a strong sales in Latin America.

Issue volume, the face value of vouchers and pre-paid card top-ups, rose 13.7 percent on a comparable basis to 4.06 billion euros, driven by 17 percent growth in Latin America and 9.8 percent growth in a recovering Europe.

The company, which owns the Ticket Restaurant brand, also kept its goal of generating growth of between 8 and 14 percent in issue volume annually in the medium-term.

Edenred, which also offers employee benefit management services and incentive schemes, competes with caterers Sodexo and Compass, as well as credit card networks MasterCard and Visa.

Edenred shares closed down 0.15 percent on Tuesday ahead of the trading update, and have fallen 1.37 percent this year.

($1 = 0.7234 Euros) (Reporting by Dominique Vidalon; Editing by James Regan and Leila Abboud)