UPDATE 1-Edenred eyes higher profit in 2016, opportunity in recession-hit Brazil

viernes 22 de julio de 2016 02:59 GYT
 

* Voucher, prepaid card provider eyes Europe, Latam growth

* Forecasts 2016 EBIT of 350-370 mln euros vs 341 mln in 2015

* CEO sees very limited Brexit impact for Edenred (Adds CEO comments from call, details)

By Dominique Vidalon

PARIS, July 22 (Reuters) - French voucher and prepaid card provider Edenred said on Friday it expected full-year operating profit to increase this year, helped by stronger growth in Europe, Mexico and Brazil.

Chief Executive Bertrand Dumazy also told a call with journalists that Britain's vote to leave the European Union was a "non-event" for Edenred as it derives only about 6 percent of its operating profit from the country. That mostly comes from selling child care vouchers, a sector not heavily dependent on economic activity.

The owner of the Ticket Restaurant brand predicted full-year earnings before interest and tax (EBIT) would be between 350 million and 370 million euros ($408.11 million), against 341 million euros in 2015.

This compares with average market expectations of 359 million for full-year EBIT, Thomson Reuters I/B/E/S data shows.

"Issue volume growth is expected to remain solid in the second half 2016, reflecting sustained sales momentum in Europe, improved trends in Latin America thanks notably to Mexico and increased exposure to the fast-growing expense management market in Brazil," Dumazy said.   Continuación...