Support services firm Sodexo has said its "financial stability and portfolio mix" has helped the company to endure the challenges of the coronavirus pandemic as end-of-year financial results were published this morning showing a 12 per cent decline in organic revenue.
There was also a 12.1 per cent decline with On-site Services and a 7.8 per cent decline in the company's Benefits & Rewards Services.
It reported that while the first half organic growth was up by 3.2 per cent, the second half was down by 27.5 per cent, which was affected by the Covid-19 pandemic.
In a statement, the company said: “Fiscal 2020 was a tale of two halves. Up to the end of February, we were on track with our Focus on Growth strategic agenda in terms of growth and productivity with enhanced execution on large contracts and increased signing discipline. We were on track to meet our guidance of +4 per cent organic growth in revenues. The Covid-19 crisis interrupted this positive momentum."
The company also published its 2020 Social Impact Report for the UK and Ireland.
Sean Haley, region chair, Sodexo UK & Ireland, said: “Our full-year fiscal results reflect the financial impact Covid-19 is having on our business – despite strong growth in the first half of the year and a continued steady flow of new business wins, particularly in the education and corporate markets.
“Sodexo’s financial stability and portfolio mix has directly helped our public and private sector clients to operate safely in these challenging times and build an economic recovery that benefits everyone."