Elis - decent organic growth but UK is a tall order
Elis, the French provider of laundry services, released decent 3Q17 sales results. Revenues came in at €590m, up 46% yoy (integration of Berendsen since September 1st), of which 2% of organic growth. The latter was broadly expected, albeit regions have experienced mixed fortunes. Europe (25% of total sales) slowed-down with a small 1% organic growth, after +6% during the first half, due to a disappointing summer in Spain and Switzerland. In the same fashion, Latin America (11%) grew 5% organically, well-below the +12% during the first half, due to tough comps (Olympic Games in 3Q16). By contrast, France (45%) is clearly recovering, up 2% organically, after several quarters of overall stability.
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