ITALY/INTERNATIONAL. Travel dining specialist Autogrill Group has upgraded its guidance numbers for the 2021 financial year, with projected losses set to narrow to between -€170 million to -€150 million.
This is an improved position from the guidance issued in September, which projected losses of between -€200 million to -€160 million.
The company attributes the improved outlook to effective cost management initiatives over the course of this year.
Autogrill has kept the same guidance in December from September for FY2021 for overall revenue, which stays at €2.3-€2.6 billion. Also, capex/revenue guidance remains at not above 6%.
However, it has adjusted the underlying EBIT (earnings before interest and tax) margin guidance stated in September from between -4% and -2% to between -2.5% and -1.5% in its December guidance.
Meanwhile, there is a positive change in guidance for Free Cash Flow (FCF) from between -€15 million and +€30 million stated in September, to between -€35 million and +€50 million.
Autogrill’s FY 2024 targets remain unchanged in the December guidance update. Projected revenues remain at €4.5 billion; its underlying EBIT margin will reach around +6%, about 140bps more compared to FY2019; capex as a percentage of revenue will be between 4.8% and 5.4%; and FCF between €130 million and €160 million, it estimated.
