Avolta's Successful Performance Continues into 2024

Avolta, a leading player in the global travel retail and food & beverage industry, reported a transformative and successful 2023, achieving significant financial and operational milestones. The company's management expressed confidence in continued strong performance and long-term growth.

For 2023, Avolta highlighted its completion of a game-changing business combination, fulfilling synergy targets and reporting an impressive financial performance. The company's strategy, Destination 2027, is progressing well, with a robust performance in 2023 reflected in a conservative 2.6x leverage. Avolta proposed a 2023 dividend of CHF 0.70/share while aiming for a medium-term leverage of 1.5-2.0x.

Global passenger growth contributed to a year-to-date net sales growth of 7% as of February 2024. Avolta achieved a CORE EBITDA margin of 9%, outperforming targets. Additionally, the successful integration led to CHF 30 million in synergies in 2023, expected to rise to CHF 85 million in 2024.

CEO Xavier Rossinyol emphasized Avolta’s pivotal transformation, enhancing their market position and setting a course for continued profitable growth. He highlighted significant business developments, including substantial renewals and extensions of contracts across various regions. Rossinyol praised Avolta's team for their dedication and contribution to the company's success.

Looking ahead, Avolta remains optimistic about its financial outlook for 2024, driven by solid passenger growth trends and strategic initiatives. The company also announced its new capital allocation policy, focusing on profitable growth, stable cash flow management, and value creation.