Catering giant Sodexho Alliance has blamed the strength of the euro against the dollar for a drop in first-half sales.
The French group said the euro’s sharp appreciation against other currencies, particularly the dollar, had negative currency effect of 8.4 per cent.
Sales were pushed down 4.5 per cent for the six months to February 29 to e5.89bn. Just under half of Sodexho’s revenue comes from the US. It reported that revenues in its North American division, where sales have been affected by sites closing, were down 0.7 per cent.
Elsewhere, new contracts in Europe and an uplift in places such as Australia, where November’s Rugby World Cup help drive sales, helped counter revenue declines in the UK.
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