Edenred posts 18.8% rise in Q1 profit, citing Reward Gateway purchase
adds shares move, CFO comment
April 18 (Reuters) -French vouchers and cards provider Edenred EDEN.PA reported first-quarter operating revenue that beat estimates on Thursday, citing benefits from the acquisition of Britain's Reward Gateway last year.
Edenred shares were up 3.1% at 0947 GMT, after rising as much as 5%, making it one of the best performers on the SBF120 index .SBF120.
Edenred, which helps companies manage staff expenses and benefits and is known for its "Ticket Restaurant" vouchers, reported first-quarter operating revenue rose 18.8% to 625 million euros ($665.44 million), topping the 608 million euros forecast by analysts in a company-compiled consensus.
It was the eighth consecutive quarter of growth.
"The good performance of Reward Gateway, our new engagement platform, makes us confident in the success of its deployment in Belgium, France and Italy," Chairman and CEO Bertrand Dumazy said in a statement.
Edenred acquired Reward Gateway, a provider of software that helps companies reward employees, in May 2023.
The impact of the Reward Gateway acquisition on growth should be limited this year, but a planned expansion of the software-as-a-service product to France, Italy and Belgium is expected to generate at least 50 million euros in additional sales for the group in 2027, the company said.
"In 2024, I can confirm that the Reward Gateway acquisition will be accretive," Finance Chief Julien Tanguy told journalists in a call.
Edenred continues to seek new growth opportunities with two agreements signed in February and the full acquisition in March of the cards business of IP Gruppo api, a private Italian fuel and mobility company with a portfolio of around 50,000 B2B clients.
During a call with analysts, Tanguy said there could be an opportunity for new acquisitions in the coming quarter and Edenred has "potential to scale" all its units.
Edenred's total revenue rose 21.4% to 685 million euros, while its biggest unit by sales, Employee Benefits and Engagement, generated 408 million euros in operating revenue, up 25.8%, for the January to March period.
The company also confirmed the 2024 target announced in its Beyond 2022-2025 strategic plan, of organic EBITDA growth of more than 12%.
($1 = 0.9392 euros)
Reporting by Lina Golovnya and Dimitri Rhodes in Gdansk; Editing by Leslie Adler and Sharon Singleton
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