gategroup reports results for 1Q2012

Switzerland's gategroup revenue up 3% - financial highlights for three months ended 31-Mar-2012:

• Revenue: CHF656.7 million (EUR543.6 million), +2.9% year-on-year;
• EBITDA: CHF25.5 million (EUR21.1 million), +4.5%;
• Operating profit: CHF4.7 million (EUR3.9 million), +20.5%;
• Net profit (loss): (CHF14.8 million) (EUR12.3 million), compared to a loss of CHF6.2 million (EUR5.1 million) in p-c-p;
• Total assets: CHF1609 million (EUR1332 million), -9.3%;
• Cash and cash equivalents: CHF256.2 million (EUR212.1 million), -39.2%;
• Total liabilities: CHF1150 million (EUR952.2 million), -15.2%. [more - oiginal PR]

*Based on the average conversion rate at EUR1 = CHF1.208

gategroup: "Looking ahead for this year, gategroup is maintaining an expectation of flat growth in real terms across its portfolio given the uncertain economic conditions that exist. Therefore, we are not providing definitive guidance on profitability due to potential volatility in certain key regions, notably Europe and its associated sub-markets. Demand for air travel has shown steady upward growth for more than 40 years. We see no reason why that long-term trend will not continue with rebounds in passenger volumes after some periods of flat demand," Andrew Gibson, CEO. Source: Company statement, 10-May-2012.