EDNMF Edenred Malakoff (CE)

Edenred (EDEN.FR) said Monday its first-half revenue rose 9.8% in the first half of 2011 to EUR501 million.

MAIN FACTS:

- First half issue volume rose 10% like-for-like. Organic issue volume growth accelerated to 10.9% in the second quarter from 9.0% in the first, led by a 3.7% growth in Europe in the second quarter (excluding the €39 million impact of the lost Consip contract in Italy) versus 2.2% in the first, primarily reflecting the first signs of stabilization in Central Europe. The company said it was also helped by sharply higher issue volume in Latin America during the quarter (up 21.5% like-for-like), lifted by growth in salaried employment, enhanced penetration rates and increased face values.

- First-half 2011 operating revenue totaled €456 million, representing an increase of 9.2% like-for-like.

- In France, operating revenue dipped 0.3% like-for-like in the first half, reflecting a 1.1% decrease in the first quarter and a 0.6% increase in the second.

- In the Rest of Europe region, operating revenue climbed 3.0% like-for-like in the first half, reflecting the net effect of a 1.1% decline in the first quarter and a 7.5% upswing in the second.

- In Latin America, operating revenue increased by 18.5% like-for-like in the first half, reflecting gains of 17.4% in the first quarter and of 19.5% in the second.

- Financial revenue continued to grow in the second quarter, rising 19.0% on the back of 13.0% growth in the first quarter, to end the first half up 16.0% compared with the same period of 2010.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; gabriele.parussini@dowjones.com

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