MILAN – The Board of Directors of Autogrill S.p.A. today examined and approved the consolidated revenue performance, as of 30 April 2017. Autogrill posted robust growth in the first four months of 2017, with revenue of €1.37bn, up 5.1% (+2.8% at constant exchange rates).
Global revenue growth was driven by the strong +4.8% like-for-like performance across the board. The balance of openings and closings is down by 1.9%, with the new openings of the past months partially offsetting the selective renewals in Italy and the reduction of perimeter at Tampa airport in the US.
The acquisitions and disposals, made to optimize the Group’s portfolio, balanced each other out, with a net positive impact of +0.3%: indeed, the acquisitions of the second half of last year in the US had an impact of €26m in 2017, while in the first four months of 2016 the revenue of the French railway stations business, sold in June 2016, amounted to €21m
Autogrill benefited from a favorable currency effect of +2.3%, due to the appreciation of the US Dollar. The period was marked by a calendar effect of -0.3%, mainly due to the fact that 2016 was a leap year.
These positive results were supported by the excellent performance at Airports, where revenue rose by 12.4% in the period (+8.8% at constant exchange rates), mainly due to the sustained growth trajectory in the United States. The airport channel posted a like-for-like growth of +7.6%.
In the motorway channel revenue decreased by 0.3%, mainly due to the store closures associated with the network rationalization in Italy. Net of openings and closings, Motorways had a positive like-for-like performance of +1.5%.
Other Channels underwent a relevant reduction, due to the disposal of the French railway stations business and to the planned exit from the US shopping mall channel and from few downtown locations in Italy. Other Channels had stable like-for-like revenue.
