Meeting today, the board of directors of Autogrill S.p.A. (Milan: AGL IM) examined and approved the consolidated results as of 30 September 2015.
The 3rd quarter of the year was characterized by good growth in airport traffic in the United States and on motorways in Italy. These trends, together with the health of the American economy and initial signs of recovery in Italy, were reflected in a substantial increase in revenues (up 11.6%). Improved operating efficiency (due also to higher sales) and measures taken over the last year to reduce the cost of product led to an increase in Ebitda (up 15.2%) higher than that of sales, thus pushing up the Ebitda margin.
The 3rd quarter also saw further development in the International Area, with gradual completion of scheduled openings under new contracts. 20 new locations were opened in the quarter, bringing new openings in this area to nearly 70 since the beginning of the year; many of them were in Scandinavia and the UK.
Outlook for 2015
In the first 44 weeks of the year sales were up 12.9% (up 3.4% at constant rates) compared to the same period in 2014. Both the main geographical areas – the United States and Italy – saw sales rise at healthy rates even in October.
Regarding revenues and Ebitda, the Group confirms the guidance it issued on announcing its 1st quarter 2015 results: assuming a euro/US dollar rate of 1.1, it expects revenues for full-year 2015 to be between €4,300m and €4,400m and Ebitda between €370m and €380m. Capital expenditure for the year is now put at €220m, slightly down on the original forecast of €240m.