Luggage protection service provider and travel accessories retailer, Safe Bag S.p.A. has revealed details of its ‘Industrial Plan’ for 2018-2022 including a company name change and a revenue target of €75.7m ($86m) by 2022.

Safe Bag will remain a retail brand under the new holding company name of TraWell Co. S.p.A, which stipulates some game-changing goals in its new financial and economic plan.

Along with the name change the company intends to widen the airport services it offers to include; currency exchange; relaxation and beauty; entertainment; business services; mobility services.

By broadening its range of services, it hopes to hit a revenue target of €75.7m ($86m); Ebitda equal to €14m – equivalent of 18.5% of revenues; net profit equal to €9.5m and NFP (cash) equal to (€15.3m).

56 AIRPORTS IN 18 COUNTRIES

“This strategic repositioning will be implemented by spreading over the current perimeter (56 airports in 18 countries) and by strategic targeted acquisitions.”

However, the above targets do not refer to the company’s subsidiary, sostravel.com S.p.A., described as the ‘digital operator in the market of assistance services for airline passengers’ (Lost&Found Concierge, Airport Info & Services, Flight Info, Insurance Product).

TraWell intends to disincorporate the subsidiary, which listed on Aim Italia on 1 August 2018, before the end of 2019.

70 LICENCES BY 2020

As reported, following the acquisitions of PackandFly and Care4Bag the group currently operates in 56 airports with 160 points of sale located in 18 different countries, with around 5m customers a year.

“The approved plan envisages reaching 70 licences by the end of 2022,” says TraWell. “The current average residual duration of licences in the portfolio is equal to 2.6 years.”

The plan also envisages the transition of TraWell Co. S.p.A. to the STAR segment of the MTA Market of Borsa Italiana from the second half of 2019. It has therefore appointed Equita SIM S.p.A. as its financial advisor.

“The plan is the result of widespread industrial planning and is our ‘satellite navigator’ towards the future,” says Alessandro Notari, CEO of Safe Bag. “Although ambitious, it also represents a realistic projection which does not contemplate different upsides which the TraWell Co. team, composed of dynamic and efficient people, will certainly be able to tackle.

“Basically we have already demonstrated in the past that we can considerably exceed the forecasts made in the previous industrial plan.”

NEW TRAVELLER DEMANDS

“The exponential growth of air traffic is redesigning the experience of travellers and their needs,” adds Rudolph Gentile, President of Safe Bag.

“The evolution is underway, but in many airports, the various services are provided by local operators who are not able to deal with the new market prospects.

“In this context, we want to offer ourselves, on a global scale, as the aggregation point of excellence and innovation. Thanks to the widening of the corporate mission, we are establishing the bases for ambitious growth, which goes beyond that represented in the approved plan and which is linked, in our vision, to important M&A opportunities towards which we are already working.

“The new group will be complementary to the largest and most consolidated travel retail groups.”