Safe Bag notched revenue of €30.5m (+15.1%) in 2017  in a year distinguished by ‘exceeded commercial expectations’ across its airport portfolio.

In a consolidated results statement to 31 December issued today, *adjusted EBITDA climbed by 12% to reach €5.2m ($6.4m), however net profit declined by 23% to €2.4m ($2.9m).

Commercial developments have been buoyed by the addition of six new airport contracts since the beginning of 2017 at Vancouver, Warsaw, Ottawa, Lima, Katowice and Kraków.

Safe Bag has also renewed business at Olbia, Genoa and Rome airports in Italy, the latter adding five incremental points of sale at the International Terminal 3.

Rudolph Gentile, Chairman, Safe Bag said: “We are satisfied with the results of 2017 which see a 15% growth in EBITDA and dividends.

“Now, we want to grow even faster and in an exponential manner. In 2017 we have opened numerous tables of discussion with the major players in the market and recently we signed a letter of intents with a major operator in Asia. We are sure that this new growth path will lead to even greater achievements in 2018, for all shareholders”.

Net profits slid by 23% in 2017. Source: Safe Bag. Click to enlarge.

NET PROFIT -23%

The decline in net profit was attributed to a tax incurrence of €1m ($1.2m), net financial charges and the exchange rate impact on currencies.

On a regional basis, the US accounted for the greatest share of Safe Bag’s revenue (35%), followed by France (32%), Italy (12%), Portugal (10%), Switzerland (6%), Canada (5%) and other territories (1%).

The average weighted duration of contracts within its portfolio stands at 3.3 years.

Alessandro Notari, CEO of Safe Bag added: “The objectives reached during the year allow us to qualify the Safe Bag Group as a unique platform in terms of quality, innovation and financial solidity, able to guide a process of growth, internal and through the aggregation of local operators, with the aim of becoming the global reference operator in the sector.”

The US is the revenue frontrunner across Safe Bag’s territories. Source: Safe Bag. Click to enlarge.

Founded in 1997, Safe Bag is a leader in security and baggage tracing services for passengers at airports.

It has a presence in airports in Italy, France, Portugal, Switzerland, the US, Canada and Poland with a total of 100 points of sale.

*Adjusted EBITDA reflected the economic impact caused by hurricane Irma on Miami Airport [which suffered hundreds of flight cancellations before eventually closing as Irma struck a devastating path through Florida – Ed].

EBITDA performance was guided by two main factors: an increase in airport passenger volumes and the penetration of services with higher added value.