ITALY/INTERNATIONAL. Autogrill Group today reported revenue of €1,761.1 million in the first six months of 2022, a leap of +78% year-on-year at constant exchange rates (+87.7% at current rates). This was around 83% of 2019 levels for the period, excluding disposals. By comparison, sales in the first four months tracked at 77% of 2019 figures.
Like for like revenue growth reached +77.4% in the half, with all regions benefiting from the strong recovery in travel.
Underlying EBIT of €22.5 million was a sharp improvement on a negative -€88.8 million in first-half 2021. This was related to “effective management of prices, product mix and costs” amid a return to revenue growth, said Autogrill.
A net loss for the period of €37.4 million compared favourably with -€148.3 million in H1 2021.
Following recovery in the half, Autogrill has upgraded its guidance for the full year. Revenue should reach around €3.8 billion compared with initial guidance of €3.7 billion. Free cash flow will reach about €200 million compared with previous guidance of a range between €160 million and €180 million.
Group CEO Gianmario Tondato Da Ruos said: “Despite a scenario still characterised by high uncertainty, Autogrill Group sustained its momentum from last year also in the first half of 2022, demonstrating the great resilience of its business model.
“Thanks to the excellent work carried out on all the commercial levers at our disposal, in a context of a general recovery in traffic, we were able to record an excellent performance in terms of revenues, EBIT and cash generation across the board, and particularly in North America, which posted in the first half an +80% increase in revenues and underlying EBIT more than doubled.”
The group also highlighted its pipeline of contracts, with new wins and renewals in the period amounting to €1.8 billion in sales value, and an average duration of around seven years. Renewals accounted for €0.9 billion including Miami and Stockholm Arlanda airports. Newly won contracts of €0.9 billion include Rome Fiumicino, Salt Lake City and Bangalore airports.
As reported on 10 July, Autogrill (through the Benetton family-controlled company Edizione) and Dufry announced an agreement to join forces and create a new travel retail group that would “redefine travel experience globally”.
Click here for reaction from Gianmario Tondato Da Ruos, speaking to Martin Moodie about the potential of the new combined group.
*Registration is open for the Airport Food & Beverage Conference 2022, which takes place virtually on 12-13 September. Click here for more details and to register.
