Elis Sees Spain & LatAm boost 2H16, lower price pressure in France for 2017
Elis, the French linen services provider, published sound 2H16 results. Yoy sales were up 6.8% (+2.4% organically) to €783m and EBITDA gained 4.3% to €252m, or a 70 bps decline in margin to a still good 32.2%. This is in line with management’s forecast and the +6.9% growth in sales (+2.7% organically) seen during the entire year. Negatively, the performance was still hampered by a sluggish macro backdrop in France (57% of sales pro forma of the acquisitions), marked by low industrial activities (12%) and lower hotel occupancy (21%) following the Nice terrorist attack in July. Still, the country was flat thanks to large contract gains with healthcare clients (11%). The picture was brighter in the rest of Europe (29%, +4% organically),
Elis is a multi-service group in the rental, laundry and maintenance of textile, hygiene and well-being items in Europe and Latin America. Co. serves hundreds of thousands of customers of all sizes, belonging to various professional customer segments: hospitality, healthcare, industry, trade and services. Co. also has a manufacturing business carried out by two entities, Le Jacquard FranASSais and Kennedy Hygiene Products which together form one of the company's operating segments.
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