Aldeasa profits up 16.9%

John Gallagher

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The Spanish operator reports strong growth in its overseas business, which accounted for 13% of sales in 2004

Spanish travel retailer Aldeasa has announced full-year profits of €33.39m ($43.93m), an increase of 16.9% on the previous 12 months. Total group sales reached €629.56m ($828.37m) in 2004, up by 5.1% on the previous year. Growth in earnings before tax, depreciation and amortisation to €67.69m ($89.07m), an increase of 8.4%, reflects an improvement in margins - news which will be welcomed by the companies currently bidding for the operator.

The group's Spanish Travel Value and duty-free business grew by 6.8% to €405.9m ($534.08m), whereas duty-paid, mainly in the Canary Islands, grew by a more modest 0.4%, to €86.5m ($113.82m).

International business grew by 16.3% to €81.7m ($107.5m). According to the company the growth rate would have been improved by 10% if it had not been for the weak dollar. International sales now account for 13% of the group's turnover.

Sales at the Palaces & Museums Division dropped by 0.7% to €25.4m ($33.42m).