Aldeasa posts 12.8% growth in first quarter

Emily Pacey

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Aldeasa co-owner Autogrill has announced its results for the first quarter of 2006

Aldeasa's revenues rose by 12.8% in the first quarter of 2006 to €139.4m ($177.3m), its co-owner Autogrill has announced. The performance contributed to a 21.5% increase in Autogrill's consolidated revenues, which ended the quarter on €822.8m ($991.3m) compared with €677m ($815.7m) in the same period last year. In 2005 Aldeasa was acquired by Retail Airport Finance, a 50:50 joint venture between Autogrill and Altadis.
 
Aldeasa's Spanish airport retail business grew by 7.9% following the opening of Madrid Barajas terminal four, outstripping passenger traffic growth at the airport by 4.5%. Autogrill said it invested most of its €42m ($53.4m) capital spending for the period in the Barajas T4 retail area. Aldeasa's international airport retail business recorded strong growth of 38.5%, partly thanks to its new concession at Kuwait airport, which began in February.
 
The consolidation of Aldeasa boosted the share of total revenues produced by the retail and duty-free business at Autogrill from 22% to 28%. Airport retail and catering now account for 50% of Autogrill's sales compared to 40% from its motorway service business.

Shares in Autogrill climbed by 4.46 per cent to 13.4 euros in Milan on May 11 following the publication of the company's results.