Pluxee shares dive due to disappointing European sales
Updates share reaction, adds Barclays comment in paragraph 5, details on French election in paragraphs 7-9
July 4 (Reuters) -Shares in Pluxee PLX.PA slumped more than 10% on Thursday, a day after the French meal voucher provider reported weaker than expected third-quarter sales in Europe, overshadowing its second outlook hike of the year.
Revenue grew 17.9% organically to 297 million euros ($320.4 million) in the quarter through May 31, missing a company-provided consensus of 303 million euros, Deutsche Bank said in a research note. European sales saw moderate growth of 8.1% to 123 million euros, versus a consensus of 131 million euros.
The sales were also hit by a discontinued public contract in Chile and negative foreign currency exchange effects in Turkey and Brazil.
The Pluxee shares, spun off from French caterer Sodexo EXHO.PA in February, were on track for their biggest single-day drop since their listing if the losses persist.
Barclays analysts said the soft third quarter might raise concerns about the group's ability to deliver on its medium-term organic growth targets as interest rates and inflation begin to ease.
Companies specialising in employee benefits, such as Pluxee and Edenred EDEN.PA, benefited from the sharp inflation in the last two years as employers used their gift cards and restaurant vouchers to help staff without hiking wages.
Analysts also pointed to political uncertainty in France, as Sunday's second round of voting in a snap election is expected to result in a government led by the far-right National Rally (RN) of Marine Le Pen or a hung parliament.
"We have been in discussion with the current government about the evolution of the meal voucher system in France," a company spokesperson said in an e-mailed comment.
They added Pluxee was confident that a potential RN government would not scrap the "ticket restaurant" benefit, which is very popular in France.
($1 = 0.9269 euros)
Reporting by Michal Aleksandrowicz and Alban Kacher in Gdansk; Editing by Milla Nissi
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