Hudson has turned in a strong earnings statement in its first public disclosure.

Turnover at Dufry-owned Hudson Group reached $450m (+8%) in fourth quarter 2017 – its first results statement since publicly listing on the New York Stock Exchange (NYSE) in February.

Adjusted EBITDA for the period amounted to $41bn, a year-on-year increase of +9.2%, as net sales increased by $34.9m (+8.6%).

Gross profit lifted by 8.6% to $281.5m and gross margin rose 50 bps to 62.3% in 2017 ‘due to a sales mix shift to higher margin categories as well as improved supply chain synergies linked to the integration of acquired World Duty Free stores’.

FIVE RFP WINS

Joe DiDomizio, President and CEO of Hudson Group said: “Our strong performance in 2017, highlighted by increased like-for-like and organic sales growth, underscores our ability to drive value and productivity from our existing portfolio of stores, while simultaneously executing new business opportunities.

“During the year, we expanded our breadth and scale by winning RFP processes in five new locations, extending or expanding operations in eight existing airports and increasing our overall footprint.

Hudson has renewed its concession agreement at Pittsburgh International Airport for a further 10 years.

“As a newly public company, I am energised by the prospect for continued growth and believe we are well-positioned to drive long-term shareholder value through our core purpose of being the traveller’s best friend.”

As of December 31, Hudson operates 996 stores across 88 locations over 1.1m sq ft of retail space.

A flurry of activity in 2017 resulted in concession victories in Jackson, Raleigh, Chicago Midway, Ontario, Phoenix, Grand Rapids, LAX and Dallas Fort/Worth.

Last month, it secured new retail units at Phoenix Sky Harbor under a 10-year joint venture (HG PHX T3 Retailers) and renewed a Pittsburgh International Airport for a further 10 years.