| Italy

Air travel revival lifts Autogrill’s half year results

The Italian travel concession operator has benefitted from a resurgence in international and domestic air travel in the first six months of 2022, with trading increasing 98% in North America – but total sales remain 22% below pre-pandemic levels

Sales growth was driven by robust trading in North America, where revenues rose 98% to reach €951m ($972m) | Photo credit: Autogrill


 

Travel concession giant Autogrill has credited a steady increase in consumer footfall at its airport outlets as contributing to revenues growth year-on-year revenues growth of 78% to €1.7bn ($1.8bn) in the first half of 2022. 

Despite positive sales, trading remains 22% below pre-pandemic levels, the Italian company said. 


Sales growth was driven by robust trading in North America, where revenues rose 98% to reach €951m ($972m), and Europe, where Autogrill achieved 57% growth to reach €635m ($649m). International trading contributed €174.6m ($178m) during the period. 


Like-for-like airport sales rose 98.9% to contribute €1.18bn ($1.2bn), highlighting the resurgence of domestic leisure travel and the recovery of both international and business traffic. 


In the first half of 2022 Autogrill obtained new business contracts at airports in Rome, Salt Lake City and Bangalore and renewals at Miami Airport, US, and Arlanda Airport, Sweden worth €1.8bn ($1.84bn). 


Autogrill expects energy costs to increase and food supply chains to face further disruption as a result of Russia’s invasion of Ukraine and a difficult socioeconomic climate. However, the group anticipates gains in both domestic and business travel to continue and offset any headwinds. 


Autogrill operates approximately 2,800 points of sale across 30 countries globally, including prominent branded coffee chains Starbucks, Pret A Manger, Panera Bread, Acafé and LEON.  


In July 2022, Autogrill and global travel retailer Dufry announced that they would merge to create a new travel retail and foodservice giant, expected to comprise around 5,500 outlets globally and generate revenues of $13.8bn.  


Dufry, based in Switzerland and operational in over 60 countries globally, achieved revenue growth of 147% in the first six months of 2022 to reach CHF 2.9bn ($3.1bn). CEO Xavier Rossinyol expects the Autogrill partnership to ‘redefine the boundaries of the industry’ and said the first stage of the transaction, the transfer of Autogrill’s majority stakeholder Edizione’s 50.3% stake in the company to Dufry, could be finalised by the first quarter of 2023. 


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