INTERNATIONAL. Travel food & beverage specialist Autogrill posted a +4.3% rise in first-half revenues (+2.8% at constant exchange rates) to €2.1 billion, driven by a +4.1% rise in like-for-like store sales.
The business was driven by an “excellent performance” at airports, where revenue rose by +10.6% in the period (+8.2% at constant exchange rates), with sustained growth across the board. The airport channel posted like-for-like growth of +6.5%.
Across the group, openings and closings combined led to a -1.8% dip in revenue, with new openings partially offsetting selective renewals in Italy and a reduction of space at Tampa Airport in the USA. Acquisitions and disposals combined had a net positive impact of +0.7% on revenue, while currency had a net positive effect of +1.6% due to the appreciation of the US Dollar.
EBITDA was €144.3 million, down by -6.1% and -8% at constant exchange rates. For comparison purposes the first half of 2016 benefitted from a €14.9 million capital gain from the disposal of the French railway stations business.
Net profit after minorities amounted to €6 million in the first half of 2017 compared to €16.8 million in the same period last year), while underlying net profit after minorities was €15.4 million, up from €2.6 million in the first half of 2016.
Year-to-date, the group further enhanced its contract portfolio with new contracts and renewals worth €1.5 billion overall, with an average duration of 7.9 years.
Regional performance
Revenue in North America grew by +5.7% in the first half of 2017 (5.7% at constant exchange rates). Like-for-like growth was positive at +4.4%, driven by Seattle, Charlotte, Toronto and Honolulu airports.
New openings, including among others Orlando, Greensboro and Boston airports, and the acquisition of CMS more than offset the reduction of the group’s presence at Tampa Airport and in shopping malls, it noted. The region’s revenue also benefited from its recent entry into the convenience retail sector through the acquisition of Stellar Partners.
The International division continued to grow revenue at a double-digit rate, up +16.6% in the period (+17.4% at constant exchange rates). The robust performance in the region reflected strong like-for-like growth of +11.4%, said Autogrill, with new openings, including in the Netherlands, Norway and Finland, contributing +7.4%.
The group unwound a JV in Indonesia, which had a -1.7% impact on revenue for the region. Its presence in Indonesia will continue with the recently awarded contract at Jakarta Airport announced in May. The currency effect was -0.8%, while the reporting calendar effect was +0.3%.
Revenue in Europe decreased by -4.3% in the period (-4.5% at constant exchange rates), mainly due to the disposal of the French railway station business in June 2016 and to selective renewals in Italian motorways. Like-for-like revenue growth was +2.0%. This figure includes a +1.1% increase in Italian motorways; strong performances posted in France and Spain; continued momentum at airports, with a positive contribution from Italy and a favourable year-on-year comparison in Belgium (2016 was affected by the Brussels Airport terror attack).
