Retail boosts Alpha as profits rise 15%

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A strong performance from its UK retail arm helped Alpha Airports Group profits rise 14.8% for the year to January 31

Pre-tax profits were £18.6m ($29m) although sales for the group were flat at just over £419m ($658m).

The retail division enjoyed sales growth of over 10% to £173.9m ($271.3m) from continuing businesses, with profits up 58% to £6.8m ($10.6m). UK retail sales increased 12.2% with like-for-like sales growth at Alpha Airport Shopping outlets at UK regional airports rising 10% on a 6% growth in passenger numbers. Following two years of losses, UK retail returned a profit of £2.1m. International sales improved largely thanks to improved tourist arrivals to Sri Lanka and a knock-on effect on sales in the second half of 2002.

Inflight retail for low-cost and charter airlines provided sales growth of 21.9%.

Alpha chairman Graham Frost said: "In a difficult aviation market, we have delivered a robust set of results. We finish the year as we started, with major uncertainty as regards travellers' confidence, and hence may face a short-term disruption in airline activity. Our experience in taking the necessary action when faced with similar business pressures holds us in good stead to react to any changes in our business as it occurs during the current conflict."