Dufry revenue up by 11.7%; Gategroup shares up after revenue increase

Dufry Group’s (+0.6%) revenue rose by 11.7% in the six months ended Jun-2010:

  • Revenue: EUR939.2 million, +11.7% year-on-year;
  • EBITDA: EUR114.3 million, +15.4%;
  • Net profit: EUR29.9 million compared with EUR7.7 million in p-c-p.

*Based on the conversion rate at EUR1 = CHF1.35

Dufry: ''During the first six months of 2010, Dufry has improved its performance and achieved solid organic growth despite the economic environment not having fully recovered yet and specific events, such the volcano ash cloud, impacting our industry. We intend to continue with our profitable growth strategy and on top of the new operations added during the first half, we will enrich our concession portfolio with new retail space to be opened during the second half of 2010. Nevertheless we are alert in respect to the uncertainties related to the global economic development but we remain optimistic because the travel retail industry has showed its resilience again. During the first half of 2010, we have seen good passenger growth and an increase in spend.'' Julian Diaz, CEO of Dufry Group.

Gategroup (+3.8%) revenue up 2% – consolidated financial highlights for the six months ended Jun-2010:

  • Revenue*: EUR975.7 million, +2.0% year-on-year;
  • Operating costs: EUR945.7 million, +1.6%;
  • EBITDA:EUR69.5 million, +4.3%;
  • Operating profit: EUR30 million, +16.4%;
  • Net profit: EUR7.3 million, -68.8%.

*Based on the conversion rate at EUR1 = CHF1.35

GateGroup announced its key targets for 2010 include:

  • Re-evaluating its strategy;
  • Improve its execution capabilities;
  • Sustain the efficiencies achieved in 2009;
  • NWC and capex management;
  • Manage expansion according to performance.

Gategroup: “Gategroup remains cautiously optimistic about the outlook for the remainder of 2010. Based on these solid first half results and an anticipated recovery during the second half in Europe, all other things being equal, we now expect an EBITDA margin of close to 8% with continued strong operating cash flow,” Guy Dubois, CEO. Source: Company statement, 12-Aug-2010.

See related CAPA profile: Financial results

Other European airport operators that gained yesterday included Aeroporto di Firenze (+3.1%) and TAV (+2.2%). Meanwhile, Aeroporto di Venezia (-2.6%), Hochtief (-2.3%) and Zurich (-.9%) lost ground.

Selected airports daily share price movements (% change): 12-Aug-2010