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gategroup achieved a robust increase in revenue, EBITDA, and EBITDA margin in 2017, confirm significant progress towards its 2020 strategy targets.
Revenues at the Swiss-based company reached CHF4.6 billion in last year, an increase of 35 per cent on the prior year.
EBITDA reached CHF300 million, up 50 per cent, while the EBITDA margin improved by 60 bps to 6.6 per cent.
In the past year-and-a-half, gategroup has enlarged its customer base by more than 100 new customers, extended contracts with leading airlines worldwide and expanded into new strategic markets.
These new markets include France, Africa as well as key locations in Latin America and APAC, such as the Republic of Korea where gategroup recently announced a landmark 30-year contract as the sole in-flight caterer for Asiana Airlines at Incheon airport.
“The past two years have been transformational years for gategroup.
“In early 2015, we defined a new strategy and organizational setup which focused on our core capabilities and introduced a simplified business model.
“We also further expanded our global network and strengthened our customer relationships to bring added value through innovations aimed at enhancing the customer experience,” said Xavier Rossinyol, chief executive of gategroup.
“Our 2016 and preliminary 2017 results demonstrate that the implementation of our new strategy also delivers a strong financial performance.
“We are clearly on the right track, and it has allowed us to more than double our EBITDA over the past two years.
“Furthermore, the integration of Servair provides us with a strong platform to reinforce our culinary DNA and expand our activities in key markets.
“We are at the mid-point of implementing our strategic roadmap and are confident this positive momentum is setting a solid foundation for future growth.”
Source: breakingtravelnews.com
