Italy's Autogrill AGL.MI expects to post a smaller loss and higher cash flow than previously forecast for 2021, it has said.
Underlying Net Loss
The group, which runs restaurants and bars on motorways and in airports around the world, now sees an underlying net loss of €110 million for last year, from a previous expected range of €150 million-€170 million.
It also said that it expected cash flow to come in at above €100 million, more than double its previous estimates. Final figures for 2021 will be published on 10 March.
Statement By Milan-Based Analyst
"The market was positively surprised by the very strong cash generation," a Milan-based analyst said.
Autogrill, which is controlled by the Benetton family, said that its revenue rose 39% on a like-for-like basis in 2021 to €2.6 billion, driven by its performance in North America and Italy.
Sales In North America And Europe
Sales in North America rose 67%, while they were up 28% in Europe last year.
Underlying Operating Profit Margin Guidance
Autogrill, which confirmed its 2024 targets, also raised its 2021 underlying operating profit margin guidance to approximately -0.5% from a previous range of -2.5% to -1.5%.