Autogrill Records Like-For-Like Fall In Income For First Six Months Of Year
Italian caterer Autogrill has trimmed revenue guidance for the full year after recording a like-for-like fall of 9.5% in income for the first six months of the year.
It now sees full-year revenue of between €2.3 billion and €2.6 billion from a previous range of €2.3 billion to €2.7 billion.
Autogrill raised free cash flow guidance to negative €55 million to €65 million from negative €70 million to €120 million.
The group controlled by the Benetton family completed a €600 million rights issue in July to strengthen its balance sheet and seize potential opportunities in the pandemic-battered sector.
Revenue in the first half of the year stood at €938.3 million, down 10.6% in constant currency terms, as COVID-19 restrictions and lockdowns continued to empty the bars and restaurants Autogrill runs in airports and by motorways.
First-half underlying earnings before interest and taxes were negative at 88.8 million euros, but improving from a loss of €297.0 million a year ago.