Caterer Elior's revenue jumps on post-COVID catch-up, price hikes (updated)

Elior SA

26/01/2023 07:09

(Adds details, CEO quote)
       Jan 26 (Reuters) - Elior  ELIOR.PA  on Thursday posted
an 11.7% increase in first-quarter revenue, as the French
catering group continues to recover from the COVID-19 pandemic.
    After being hit by the pandemic restrictions, caterers are
now benefiting from a COVID catch-up effect and price increases
agreed with clients to cope with higher costs of food and
labour.
    "Inflationary pressures, notably on food costs, remain
strong and require maintaining renegotiation efforts,
particularly with public sector clients," Elior's chairman and
chief executive Bernard Gault said in a statement.
    Elior said 73% of its contracts had been successfully
renegotiated by the end of 2022, representing 234 million euros
($256 million) in price increases over a rolling 12-month
period.
    Europe's third biggest contract caterer reported a revenue
of 1.23 billion euros for the first quarter through December,
compared with 1.12 billion euros a year earlier.
    Elior, which caters sectors including business, education
and healthcare, confirmed its outlook for fiscal 2022-2023 and
mid-term ambitions for 2024.
($1 = 0.9152 euros)
 (Reporting by Diana Mandiá in Gdansk; Editing by Milla Nissi)
 ((diana.mandiaalvarez@thomsonreuters.com))