(News Bulletin 247) – Dufry reported solid performance on Tuesday for the 2022 financial year, mainly thanks to the easing of health restriction measures which supported most of its markets.
The tax-free boutique and airport retail specialist recorded sales of nearly 6.88 billion Swiss francs last year, representing organic growth of 76.1% compared to 2021.
Its basic (‘core’) gross operating surplus (Ebitda) almost doubled to reach 606.2 million Swiss francs, representing an operating margin of 8.8%.
Its cash flow stood at 305.2 million, which corresponds to a conversion rate of ‘core’ Ebitda into cash of 50.3%, a performance well above the objectives set by the band.
In his press release, Dufry explains that the easing of traffic restrictions has “significantly” supported demand.
“Above all, we have observed solid travel spending despite the economic and operational difficulties affecting our sector,” said its managing director, Xavier Rossinyol.
Dufry also reaffirmed its objectives for the 2023-2027 period and indicated that it plans to finalize its merger with the Italian Autogrill by the end of June.
Around 11:00 a.m., Dufry shares gained about 2% on the Zurich Stock Exchange.
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