November 8, 2012 / 6:22 AM / 5 years ago

Sodexo sees modest growth in 2012/13, cuts costs

PARIS, Nov 8 (Reuters) - French catering and vouchers group Sodexo forecast “modest growth” in full-year revenue and profit on Thursday and stuck to its mid-term targets, helped by a new plan to cut operating and overhead costs.

Sodexo posted a 13.6 percent rise in revenue to 18.24 billion euros ($23.27 billion) in the full year to Aug. 31. Operating profit rose 15.4 percent to 984 million euros, the group said in a statement.

The company said it was launching fresh moves to cut operating costs by 0.6 percent of revenue and overhead costs by 0.4 percent of revenue.

The programme will result in exceptional costs between 130 and 150 million euros over the next 18 months with a positive impact of the same amount in fiscal 2015 and the following fiscal years, Sodexo said. ($1 = 0.7840 euros) (Reporting by James Regan; Editing by Astrid Wendlandt)

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