Edenred eyes higher profit despite slower Brazil
PARIS, July 24 (Reuters) - French voucher and prepaid card provider Edenred said on Friday it expected higher full-year operating profit despite a more challenging economic climate in its key market of Brazil as growth in its European business would further accelerate.
The owner of the Ticket Restaurant brand predicted full-year earnings before interest and tax (EBIT) would be between 365 million and 380 million euros against 343 million euros ($376 million) in 2014.
The forecast compares with average market expectations of 376 million euros for full-year EBIT, Thomson Reuters I/B/E/S data showed.
Edenred said EBIT reached 165 million euros in the first half. This was a like-for-like rise of 14.6 percent, excluding currency impacts, acquisitions and divestments, driven by a robust performance in Latin America.
In May, Chairman and Chief Executive Jacques Stern, who had won plaudits for his leadership since the company was spun off from hotels group Accor in 2010, announced he was leaving, effective July 31, to head tax-free shopping business Global Blue, a Switzerland-based company.
Edenred said on Friday its board would meet before July 31 to review the group's governance. ($1 = 0.9117 euros) (Reporting by Dominique Vidalon; Editing by James Regan)
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