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Italy's Autogrill Cut Losses Last Year, Skips 2022 Guidance

By Dave Simpson

Italy's Autogrill AGL.MI did not provide specific financial guidance for the current year "given the unfolding geopolitical events" but has said that its longer-term targets for 2024 remained unchanged.

A More Positive Outlook

The Italian motorway and airport caterer added that it had a more positive outlook after improving its operating efficiency, completing a €600 million capital increase and selling its US motorway business last year.

Net Loss And Adjusted Free Cashflow

The group posted a reduced net loss of €38 million and an improved adjusted free cashflow of €117 million last year after cutting costs and investments.

Statement By Chief Executive

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"We are now in the best conditions to grow by taking advantage of all the opportunities that the market recovery will offer us," chief executive Gianmario Tondato Da Ruos said in a statement, commenting on 2021 results.

Sales

In the first two months of the year, the company doubled its sales compared with 2021, supported by domestic airport traffic in North America.

"Closely Monitoring The Evolution Of The Conflict In Ukraine"

Despite its negligible exposure to Russia, Autogrill said that it was "closely monitoring the evolution of the conflict in Ukraine, and would promptly adapt its business strategy and risk assessment to evolving circumstances".

2020 Net Loss

The company had posted a €480 million net loss in 2020 as restrictions imposed during the pandemic reduced travel by car and by plane.

Shares

Shares in Autogrill's pared the losses after results.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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