Autogrill closes the first eight months with 1.5 billion in revenues
An increase of 9.3% compared to the same period of the previous year
Autogrill closed the first eight months with revenues of € 1.5 billion, up 9.3% on an annual basis. An improvement in the underlying Ebit of -28 million, compared to a red of 332.2 million at 31 August 2020. The net financial position, excluding assets and liabilities for leased assets, stood at 139 at 31 August. 7 million, an improvement on the 567.2 million at 30 June, "thanks to the sale of the US motorway business in July and driven by cash generation in the summer season", reads a press release.
In August, revenues recorded a growth of 58.9% at constant exchange rates compared to August 2020 and the traffic trend in US airports and in the highway channel in all geographies improved thanks to the progress of the vaccination campaign. The trend is also improving in the first half of the current month, with consolidated revenues as of September 19 up by approximately 25% at constant exchange rates from the beginning of the year compared to the same period of 2020.
Free cash flow rose by 63.2 million, with positive cash generation from May 2021 and gradually improving in the summer season. As for the current year, the catering company expects an upward free cash flow in a range between approximately -15 million and approximately +30 million compared to the previous guidance between approximately -65 million and approximately -15 million. Finally, the company confirmed its objectives to 2024: revenues of 4.5 billion, an underlying ebit margin of 6%, approximately 140 basis points higher than in 2019, an incidence of investments on revenues between 4.8% and 5.4% and finally a free cash flow between 130 and 160 million.
EFA News - European Food Agency