Sodexo sees around 8% growth in annual sales boosted by the Olympics

French food caterer Sodexo SW said on Friday it expects 2024 organic revenue growth at the top of its 6% to 8% range, boosted by the Paris Olympics and higher pricing.

The company's division Sodexo Live! was chosen to prepare meals for the athletes during the Paris Olympic Games and the Paralympics. That will drive up revenue during Sodexo's fiscal fourth quarter, it said.

The catering group, which spun off its voucher business Pluxee PPLX at the start of February, said pricing should also increase by 4% during the year ending on Aug. 31.

Sodexo reported half-year organic sales growth of 8.5% to 12.1 billion euros ($12.9 billion), broadly in line with a consensus forecast of 12.03 billion euros provided by the company.

"This organic growth was fueled by pricing for about half and net new business and some volume growth for the other half," the company said in a statement.

Underlying operating profit rose 16.9% in constant currency to 612 million euros in the six months through February, beating a consensus estimate of 600 million euros.

($1 = 0.9400 euros)