Q1 consolidated revenue was slightly higher than anticipated reaching EUR5.57bn vs. EUR5.54bn, up 9.6% on reported. Strong lfl revenue growth up 4.7% vs. 3.9% from consensus and our expectation of 3.6%, o/w 50% coming from the RWC, i.e. 2.4% (our forecast was 1.5% and 1.6% for consensus). By segment, there was disappointment regarding Benefits & Rewards Services with lfl revenue growth of 5.3% (8% anticipated) and, in OSS, difficulties in the RoW with lfl growth down 4.2% (-2% anticipated), while NA is still strong, up 2.9%. Following Q1 revenue, Sodexo confirmed its expectation for 2015-16 of lfl revenue growth of around 3% and an increase in operating profit of around 8% excluding currency effects and before exceptional items.
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