Strongly growing revenues in the first quarter of 2023 for lastminute.com, a group in the travel sector that ended up in the spotlight last year for the story of compensation received improperly in Switzerland during the pandemic. The group, which has its main offices in Chiasso and Amsterdam, recorded a quarterly turnover of 92 million euros, up 39% compared to the same period in 2022. The increase is due to the current strong overall demand in the sector , but the driving force in this specific case were the holiday packages, which rose by 75%.
Operating profit at 13 million
Ebitda adjusted operating profit (before interest, taxes, depreciation and amortization) amounted to 13 million euro (+39%). On the basis of IFRS criteria, however, Ebitda fell by 18% to 8 million; this decline is also explained by the group with the increase in cancellation costs and with the lower revenues deriving from unredeemed vouchers. The quarterly net profit thus stopped at 2.2 million, down 48% on the 4.2 million of the previous year. “We recorded dynamic growth and a record quarter in terms of travel and turnover. Our attention to profitability is visible», said the CEO of the group, Luca Concone.
Reimbursement of contributions
Chief Financial Officer Sergio Signoretti indicated that the group has taken another step to close the Swiss benefits affair. At the beginning of May, all outstanding amounts were repaid to the State Secretariat for Economic Affairs (Seco). Last summer, then-CEO Fabio Cannavale and other executives went to jail over the alleged fraud. The entire management of the group was replaced last December. The general assembly was postponed from 13 to 30 June.
The new governance
The board of directors will propose to the shareholders the confirmation of the CEO Luca Concone. Maria Teresa Rangheri, currently a non-executive director, will become an executive member at the top of the group. Valentin Pitarque, hitherto part of the board, has instead decided to resign with immediate effect, for personal reasons. Marco Forasassi Torresani, an expert in investment banking, will be proposed for election as a non-executive director.
Group brands
In addition to the homonymous brand, the lastminute.com group can count on other brands such as Volagratis, Rumbo, Weg.de, Bravofly, Jetcost and Hotelscan. Through online sites and mobile applications in 17 languages and in 40 countries it reaches millions of people every month. The group has over 1,500 employees. Lastminute.com is listed in Zurich; following the data release, the share fluctuated around the CHF 25 mark, down around 1%. The stock is still clearly down from a year ago, but has regained some ground from the lows it hit in the second half of 2022.