gategroup revenue down 6.7%, EBITDA down 17% in 2009

Switzerland's gategroup revenue down 6.7% - financial highlights for the 12 months ended 31-Dec-2009:

• Revenue: EUR1,884 million, -6.7% year-on-year;
• EBITDA: EUR140.4 million, -17.4%;
• Operating profit: EUR68.3 million, -20.4%;
• Profit before tax: EUR50.1 million, +60.4%;
• Net profit: EUR35.4 million, -12.8%. [more]

*Based on the conversion rate at EUR1 = CHF1.44

gategroup: "We believe the U.S. market will turn around in the first half, but that Europe will lag behind by at least one or two quarters. On the revenue line, we expect that a positive run rate from 2009 contract wins will offset the non-retention of the British Airways short-haul catering contract at London Heathrow. In summary, we expect a recovery to take hold by the end of the year, which we believe will translate into a stable top line for 2010, an improved EBITDA margin of 7.5% to 8.0% and continued strong operating cash flow," Guy Dubois, CEO. Source: gategroup, 18-Mar-2010.