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Nuance improves retail performance in all Group Opts
19
Feb '08
The Nuance Group released its preliminary financial results for 2007 highlighting a significant improvement in earnings performance across the Group. In 2007, Earnings Before Interest & Tax (EBIT) increased by 36 per cent from CHF 32 million in 2006 to CHF 43.6 million.

The improvement in earnings was driven by solid sales growth of 9.4 per cent, up to CHF 1.764 million, the on-going restructuring of the Nuance business and significant improvements in operational efficiency.

Growth in sales was the result of both strong passenger growth and improved retail performance in all Group operations.

In Asia, Hong Kong and Singapore both recorded strong sales growth. The Australian operations, whilst recording improved sales, continued to be hampered by the liquid and gels ban which also impacted profitability in that market.

In the European region, all countries (with the exception of Sweden – which was heavily impacted by the restrictions on liquids and gels) showed significant improvements both in sales and profitability.

Finally, in North America, sales on a like-for-like basis increased by 17.2 per cent and profitability improved following the exit from Vancouver Airport and a strong performance in the United States.

On a consolidated basis, EBIT increased by 36 per cent. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 23.4 per cent to CHF 69.3 million. Net Income, (after Discontinued Operations and Minority Interest) reached CHF 4.3 million, showing a material improvement compared to previous years.

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