Half Year 2024 Avolta AG Earnings Call Transcript
Key Points
- Avolta AG (DUFRY) reported strong first-half results, marking six consecutive quarters of meeting or exceeding expectations.
- EBITDA grew by nearly 16%, with an expansion of the EBITDA margin by 40 basis points, reaching 9% for the first half of the year.
- Equity free cash flow increased by more than 30% compared to the same period in 2023.
- The company successfully renewed and signed several new contracts, while exiting less profitable concessions, maintaining a neutral combined number of wins and losses.
- Avolta AG (DUFRY) continues to transform its physical stores and digital engagement, exploring new ways to utilize data for improved customer experiences.
- Chinese consumer spending has decreased, negatively impacting regions reliant on Chinese passengers.
- The company faces challenging comparables for the summer season, as last year's July was the highest ever.
- Personnel expenses were slightly higher as a percentage of turnover due to hiring lags and acquisition effects.
- The company is still in the early stages of using data to optimize operations, indicating that significant benefits may not be realized in the short term.
- Despite strong performance, the company remains cautious about providing higher expectations, citing potential market uncertainties.
Good morning. Good afternoon. Good evening. Thank you very much for being on this first half 2024 Avolta results presentation. I'm here with Yves Gerster, our CFO. We will first have a presentation and then an open Q&A. We are going to use the presentation we have put in our website this morning. I will be referring to the pages we are going to use.
So we will start in page 4 with some of the highlights. First, we are presenting a very strong set of first half results. Once more now is six quarters in a row, we are presenting results that are in line or ahead of expectations are in line or ahead of our own outlook.
We have growth in the first quarter and the second quarter, an 11% year-on-year with an organic of 7.1%. EBITDA has grown more than that, almost 16%, thanks to the expansion of the EBITDA margin by 40 basis points on the top range of our outlook, reaching already 9% for the first half of the year.
Taking into consideration our seasonality, this is a very good result.
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