(Reuters) –French food service and catering group Sodexo (PA) reported Wednesday a higher-than-expected core profit and revenue. Sodexo cited an acceleration in vaccine programmes across its markets to be the driver of restaurant reopenings.

Paris-based business reported an increase of 12.4% in core profits at constant rates to 578 M Euros ($672.68 Million) for the financial year that ended August 31. The company also had revenue of 17.43 Billion euros, slightly exceeding the forecast.

It said that 87% of the annual activities in 2019 had been reached by the group as of the fourth quarter.

The massive worldwide rollout of vaccines led to the reopenings of Sodexo’s main markets. However, not all sites were able to be reopened at once. The company’s Benefits & Rewards Services has also seen its merchant revenue picking up with the reopening of restaurants.

Sodexo stated that it is confident in its ability to maintain the recovery momentum at pre-COVID levels and anticipates organic growth of 15% to 18% and an operating margin close to 5% for its 2022 fiscal years.

According to Sodexo, Sodexo will experience regular and sustainable growth through the increased growth in America and the rapid deployment of the digital food model and active portfolio management.

According to the group, it will resume paying dividends and would pay 1.20 euro as part of its dividend strategy. There is also an extraordinary 0.80 euro linked with the disposal program.

($1 = 0.8593 euros)