ITALY/INTERNATIONAL. Security and baggage tracing firm Safe Bag has announced consolidated revenues in the first half of 2017 amounting to €13 million, a +10% increase compared with the same period in 2016.

Growth in Canada (+4%), reporting on six full months of operation while in the previous year activities had just begun, and in France and Portugal (+6%), made significant contribution to the rise.

EBITDA increased +31% from €1.5 million (2016) to €1.9 million in the first half of 2017. The increase was mainly attributable to the optimal performance in France, Portugal and Canada.

Net income increased +29% to €1.1 million.

In the first half of 2017, Safe Bag embarked on extensive international diversification confirmed analysis of revenues by geographical area (see chart).

The US remained Safe Bag’s largest market by revenues, despite a decline compared with the first half of 2016

The US remained Safe Bag’s primary market, despite a drop in revenues from 45% down to 41% of the total share. France is the second market with around 31% of revenues, Italy and Portugal respectively with 9%. Switzerland accounts for 6%, followed by Canada, with a significant increase from 1% to 4% of total revenues for Safe Bag.

On 1 May 2017, Safe Bag entered into a five-year contract to supply its integrated offer of services for travellers (including the baggage wrapping service and baggage tracking, jointly referred to as the Premium Package, Travel Goods and Weigh and Save services) within Vancouver International Airport.

The second most important airport in Canada after Toronto, Vancouver served more than 17 million passengers in 2016 (an increase of +6.8% in January and February 2017 compared to the same two month-period of 2016).  Following its entry into Montreal in June 2016, Vancouver represents the second largest airport in Canada for Safe Bag.

Canada represented the biggest market increase for Safe Bag in the first half of 2017

Also in May 2017 Safe Bag renewed its services (baggage wrapping, tracking through Safe Bag 24 and sale of Travel Goods) within Olbia airport in Sardinia for an additional three years.

Safe Bag has been present in Sardinia since 2002 – the airport posted +4% growth in the first three months of 2017 compared to the same period in 2016.

The company also won the tender for its services at Warsaw Frédéric Chopin Airport in May; operations will begin in October 2018 as opposed to the previously announced date of 1 July 2017.

Poland’s most important airport, Warsaw served around 13 million passengers in 2016, and experienced strong growth in the first quarter of 2017 of +28.5% compared to the same quarter of 2016.

In June 2017, Safe Bag signed a contract at Ottawa International Airport, with operations to be initiated in June 2017.

Positive start to second half

Events after the first of 2017 had closed include the awarded the “baggage wrapping” tender for Rome Fiumicino and Rome Ciampino airports. This included six sales points within terminal three at Fiumicino, which served more than 41 million passengers in 2016.

That same month, Safe Bag renewed its contract for baggage wrapping, tracking through Safe Bag 24 and sale of Travel Goods services for another five years at Venice Marco Polo airport.

In September 2017, Safe Bag signed a temporary contract at Rio de Janeiro International airport. The contract provides for a start of operations by the end of September 2017 and will have a temporary duration up until the new tender which will be held in 2018.
The airport is the largest in Brazil, with circa 16 million passengers in 2016.

Safe Bag CEO Alessandro Notari said: “In light of the excellent half-yearly results as well as the recently acquired licenses, we are confident that we will fully attain the economic and financial objectives for 2017; in addition, we believe – on the basis of the pipeline of tenders for 2018 – that we can increase the forecasted figures within the 2018-2020 Industrial Plan of Safe Bag.”

“The excellent performance is the result of systematic growth, which is due to the renewed enthusiasm and team spirit of the entire corporate group,” added Safe Bag Chairman Rudolph Gentile.