MILAN, Italy — Italian-based, multinational catering company Autogrill reported a robust like for like revenue growth of 3.9% in the fist half of 2018. Revenue rose 5.2% to €2.1 billion.
All regions contributing to the strong like for like growth. Strong performance at airports: +5.3% like for like growth.
Main figures
- Underlying EBITDA of €139.5m (€154.7m in 1H2017, -1.3%1), margins impacted mainly by cost pressure in North America and the costs of the ongoing projects to improve the operating model
- Underlying net result of €7.0m (1H2017: €15.4m)
- Net result: -€3.4m (1H2017: €6.0m)
New contracts and renewals worth €1.6 billion[4] in 1H2018, average duration of 7.6 years - The project relating to the “Cross-generational deal” in Italy is on track, with benefits starting to materialise from the beginning of 2019
- Acquisition of Le CroBag in February 2018, with over 100 points of sale at German railway stations
Outlook
In 2018 Autogrill is working on a series of projects that are focused on making the operating model more efficient. The results of the first half of 2018 reflect the costs incurred as part of these efficiency programmes, the benefits of which are expected to occur starting from the second half of 2018
On the basis of the performance in the first half of 2018 and the planned strategic investments in the operating model, the outlook for 2018 is expected to be:
- Revenue of about €4,700m
- Underlying3 EBITDA of between €410m and €420m
- Underlying3 EPS of between €0.38 and €0.42
Medium-term objectives confirmed: revenue and EPS guidance for 2019 is reiterated
