Duty-free bolsters Areas growth

Print Article E-Mail Article

Barcelona-based travel-retail and catering services operator Areas has posted fiscal year 2002 profits of ?18 million ($18.9m), up 22% on fiscal 2001

Sales turnover was up by 73% to ?483.3 million ($508.7m).

This is the first financial year that Areas has included a full 12 months of sales from Latinoamericana de Duty Free-owner of Aeroboutiques de Mexico-acquired by Areas in May 2001. As well as incorporating the full year figures from the Mexican duty-free specialist, the results also benefited from the incorporation of leading shareholder Elior's Spanish operations along with further catering acquisitions at Lisbon and Oporto airports.

Areas president Emilio Cuatrecasas said: "In the past two years the company has doubled in size. Now the objective is to consolidate in the markets where we are present."

Managing director Jose Gabriel Martin added: "We are forecasting growth of about 7% for 2003."

Areas operates 908 travel-retail and catering outlets in Spain, Mexico, Portugal, Argentina, Chile, Morocco and the Dominican Republic.