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Nuance posts record sales of CHF 826.6 mn for H1
Aug '08
The Nuance Group recorded sales of CHF 826.6 million for the first six months of 2008. This result was 8.8% above the equivalent period in 2007 when restated for exchange rate impacts and operations closed in the first half year of 2007 in Copenhagen and Vancouver. EBITDA, on a like-for-like basis, was 9.1% above last year.

Strong sales growth compared to last year was recorded in Singapore, Hong Kong, across European operations and in North America. Singapore in particular showed good growth following the opening of Terminal 3 at Changi airport with Perfume and Cosmetic sales 14% above last year, whilst Hong Kong airport sales grew by 15% compared to last year, driven by good passenger volumes and spend.

The growth in European operations mainly came from strong performances in Switzerland, Sweden and Turkey, where passenger spend levels were well above last year.

During the six month period, The Nuance Group started operations in India with commencement of operations at Hyderabad and Bangalore airports.

Commenting on the results for the 6 months, The Nuance Group President & CEO Roberto Graziani said: "I am proud of what we have achieved in the first half of the year: we are above our expectations and last year's results despite a more challenging economic and industry environment.

We are well aware of the challenges facing us for the second half of the year coming from the general economic slowdown, overall passenger volumes and weaknesses in certain key currencies. We therefore have to carefully control our cost base, continue to find innovative solutions with our vendor and landlord partners, and to further drive passenger spend rates to deliver the objectives that we have set ourselves for 2008.”

Nuance Group

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