Global travel experience player Avolta announced its full-year 2024 results today with CORE turnover* hitting CHF 13,473 million/$15,255 million, up 8.9% on a constant exchange basis (+6.3% organic/+7.7% excluding Argentina).

CORE EBITDA rose 12.2% year-on-year to CHF 1,267m, recording a margin of 9.4% and +40bps year-on-year, according to a results statement.

Equity free cash flow reached CHF 425m, while net debt stood at CHF 2,663m (correct end of Dec 2024).

By region, Europe, Middle East and Africa delivered robust growth on a reported basis of +10.6% (+9.4% organic), followed by North America at +8.2% (+5.6% organic); Latin America -5.0% (-3.1% organic); and Asia Pacific at +3.8% (+3.5%).

Xavier Rossinyol, CEO of Avolta, said: “We are very pleased with our performance in 2024, and I thank each team member for their remarkable contributions. Avolta remains committed to driving growth through innovative business development, commercial and digital transformation, capitalising on our global platform.

“By focusing on delivering exceptional value to our customers, concession and brand partners, we are revolutionising the travel experience. Our strategic approach emphasises cost discipline to achieve profitable and cash-generative growth, while simultaneously working towards deleveraging and enhancing shareholder value.

Pictured and below images source: Avolta FY24 results presentation.

“For two consecutive years we have exceeded our expectations with strong organic growth, driving the travel experience revolution. The recent launch of Club Avolta epitomises our dedication, integrating travel retail and food & beverage into a seamless, data-driven loyalty programme that enhances customer experience.

“Leveraging our new shop and restaurant concepts, using our framework of Flexible, Smart, Local, Cross-selling and Hybrid, we adapt dynamically, infusing local flavours, entertainment, and design trends into our travel hubs.”

The company reaffirmed its organic growth target of 5-7% per annum and commitment to delivering +20-40bps of CORE EBITDA margin improvement and +100-150bps EFCF conversion p.a. At currency exchange rates, 2025 currency translation is expected to be broadly neutral.

“Looking ahead to 2025, despite global uncertainties and geopolitical challenges, our diversified presence in more than 70 countries gives us confidence in delivering on our medium-term targets and generating shareholder value,” added Rossinyol. “Our estimated reported revenue growth of +9.5% and +6.0% organic YoY as of 28 February 2025 further reinforces this confidence.

“The company leads the global revolution of travel retail and food & beverage, redefining the overarching travel experience. On behalf of the management team, I extend our heartfelt thanks to everyone who continues to support and believe in our vision.”

Business development strides

The year was marked by business successes with the company entering Saudi Arabia at Riyadh’s King Kahlid International Airport and recently debuting in Tunisia through five of the country’s largest airports.

In Latin America, Avolta continued its growth in the cruise channel with four new NCL ships and welcomed its first F&B concept in 2025.

The travel retailer’s success in the JFK tenders owed much to its ability to deliver duty free, duty paid, F&B and hybrid concepts in one location, it added.

The purchase of Free Duty concessions leverages Avolta’s alliance with Hong Kong’s Mass Transit Railway dating to 2018, with Avolta now boasting a presence in all MTR border store locations.

Elsewhere, the launch of global loyalty programme Club Avolta has netted north of 10m members, with the programme active across the company’s 5,100 global outlets, accounting for more than 5% of annualised revenues in 2024.

*Excludes net sales from the motorway fuel business. Results correct as of full-year ending 31 December. Turnover on a reported basis totalled CHF 13,725 million.