Dufry Group, the fastest growing travel retail operation in the world, saw its first quarter 2007 turnover rocket by 70% compared to the same period in 2006, reaching a record high level of Swf.416.9m ($340m).

During the same period, EBITDA grew to Swf.41.7m ($34m) and Dufry's EBITDA margin increased by 3 percentage points to 10%.

The first quarter sales increase of 70.3% to Swf.416.9m ($340m) compares with Swf.244.8m ($199.6m) in the corresponding quarter of 2006. Organic growth reached 10%, while 5% of sales growth stemmed from new projects and FX effects.

Furthermore, the acquisitions in Brazil and Puerto Rico, which have been consolidated since April 2006 and December 2006, respectively, contributed 54%.

Dufry said that all regions performed well and posted double-digit growth. Africa experienced a very dynamic growth of 25% and also Eurasia & Asia had a similar performance with 22%. Europe continued to accelerate its growth trend reaching 13%.

North America and Caribbean grew 42%, of which 32% is due to the acquisition of Puerto Rico. Q1 2006 figures of South America region do not reflect the current scope as the Brazilian business has been consolidated since April 2006. Overall, the strong performance of all regions was primarily based on solid organic growth as well as new projects and expansions carried out in the last 12 months.

The gross profit margin (as percentage of turnover) increased to 51.7% in Q1 2007, compared to 49.6% in the corresponding quarter of 2006, as a result of an improved sales mix along with better supplier conditions.

Dufry?s EBITDA (before other operational result) jumped by 144% to the aforementioned Swf.41.7m ($34m) in Q1 2007 versus Swf.17.1m ($13.9) in Q1 2006. As a result, EBITDA margin increased by 3 percentage points to 10%, from 7%.

Julian Diaz, Ceo of Dufry said: ?Dufry achieved a 10% organic growth, which means that we managed to accelerate this growth component compared to 2006. This, together with new projects, has allowed Dufry to achieve its strongest Q1 result in the company?s history. Even if Q1 tends to be the slowest quarter, we managed to deliver a substantial improvement in EBITDA margin to 10%. Furthermore, in terms of business development, 2007 has started well by signing agreements for more than 7,600sq m of additional space, which will become operational along 2007.?