INTERNATIONAL. Autogrill Group today reported on its full-year revenue performance for 2022, with the figure of €4,148.3 million up by +50.2% year-on-year at constant exchange rates, (+59.7% at current exchange rates). This represented around 88% of pre-pandemic 2019 figures.
The performance was driven mainly by the sharp recovery of international airport traffic in key markets, and said Autogrill, “by the activation of the proper commercial levers to cope with the current inflationary environment”.
There was also a positive foreign exchange effect of €165.1 million, mainly due to the depreciation of the Euro against the US Dollar in the period.
Like-for-like revenue performance showed a rise of +52.8% with all regions and all channels contributing. Among the key openings highlighted across the year were a series in North America, including Memphis, Boston, Salt Lake City and Baltimore, partially offset by the exit from non-core locations across all geographies. The company also said that the disposal of the US motorways business in 2021 had a negative impact of €121.1 million last year.
The company also noted some vital contract gains and renewals, which it said carried a combined sales value of around €3.4 billion, with an average duration of six years.
Renewals accounted for around €2.2 billion including Fort Myers, Miami, Honolulu and Arlanda airports. New contracts account for around €1.3 billion of business, including those at Rome Fiumicino, Salt Lake City, Bangalore and Hamad International (Doha) airports.
Regional performance
North America delivered US$2,264.1 million in 2022 revenues, an increase of +47.1% year-on-year at constant exchange rates (+47% at current exchange rates).
Like-for-like, revenue climbed by +55.9%, buoyed by the recovery of international and business travel in the US and in various commercial levers and initiatives activated to drive organic growth.
The International division delivered revenue of €502.9 million, an increase of 163% year-on-year at constant exchange rates (+163.4% at current exchange rates).
Like-for-like revenue performance climbed by +110.7%, driven by the restart of international traffic at many airports and increased traveller footfall in other channels.
Europe turned in revenues of €1,495.3 million, a year-on-year increase of +34.8% at constant exchange rates (+35.5% at current exchange rates).
The region showed a like-for-like performance of +36.7%, driven by the pick-up of airport traffic, especially in the second half of the year, and by the positive effect of an updated commercial offer in the Italian motorway network.
As reported, on 6 February the Autogrill board of directors signed off on key elements of its new business combination with Dufry Group, as the creation of the new travel retail to dining powerhouse player is completed. ✈
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