gategroup statement on financial impact of volcano disruption
21-Apr-2010 gategroup reacted swiftly to mitigate the impact on its business following the shutdown of European air operations due to the current volcanic eruption in Iceland.
As a consequence of the current eruption and assuming a restart of affected business this week, gategroup estimates an operational impact on revenue and EBITDA (earnings before interest, taxes, amortization and depreciation) to be approximately CHF 21 million and CHF 8 million, respectively.
The company remains adequately funded and, with the exception of this unprecedented one-time impact of the volcano effect, at this stage remains confident in its 2010 outlook guidance of an EBITDA margin of 7.5% to 8%.
gategroup is the leading independent global provider of onboard services to companies that serve people on the move. Shares of Zurich-based gategroup are traded on the SIX Swiss Exchange under the symbol GATE.