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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Alpha Airports | LSE:AAP | London | Ordinary Share | GB0000281328 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 109.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7891E Alpha Airports Group PLC 03 November 2004 3 November 2004 ALPHA AIRPORTS GROUP PLC ACQUISITION IN TURKEY AND NEW CONTRACT WINS Acquisition Alpha Airports Group Plc, the UK's leading provider of catering and retailing services for airlines and airports, is pleased to announce that today it has signed a contract to acquire 60% of the share capital of Istanbul Duty Free ("IDF"), a company operating and based in Turkey. The consideration payable at closing will be Euro6.0 million (#4.2 million) to be satisfied in cash with two further instalments of Euro0.5 million (#0.3 million) payable in September 2008 and September 2009 respectively. This additional consideration is conditional upon the incumbent shareholders remaining as shareholders and being actively involved in the business at these dates. IDF has been operating for three years and operates four duty free retail Airport concessions at Ankara and Dalaman Airports, duty free BORDER="0" shops at Kapikule, duty free Port shops at Istanbul, Bodrum, Kusadasi and Antalya and provides inflight retailing to three local airlines. In the year ended 31 December 2003, IDF reported sales of TL32.3 billion (#11.9 million), a profit before taxation of TL4.4 billion (#1.6 million) and had net assets of TL4.2 billion (#1.5 million). This acquisition expands the Group's retailing presence across Europe and provides further opportunities to expand our flight services capabilities. Closing is conditional upon approval of the transaction by the anti-trust commission in Turkey, which is expected to take four weeks. New Contracts Alpha is also pleased to announce three new contract wins which together are worth over #200m over the life of the respective contracts:- *Alpha Flight Services has been awarded a new five year contract with American Airlines (AA) to supply all their flight catering requirements at three UK airports - Heathrow, Gatwick and Glasgow. The contract commences from 1 February 2005, with AA currently operating 13 long-haul flights per day to the United States from Heathrow, 4 long-haul flights per day from Gatwick, and a summer daily service from Glasgow. *Our Alpha Retail business has been awarded a new 7 year contract to provide confectionery, tobacco and news at Birmingham International Airport, Terminal 1, at four shops under Alpha's World News brand. The first 3 shops will be phased in during January 2005, with the remaining airside shop being completed by December 2006. Once the shops are fully operational this contract has an annual sales value of #10 million, and will require #1 million of shopfit investment. We currently operate World News shops at Birmingham Terminal 2, so this is a further major development for Alpha at this growing UK airport. *In the USA, we have been successful in securing a 5 year contract extension at Orlando International Airport, Florida, with 3 one-year options available, provided both partners concur. This contract has current annualised sales of #6.5 million, and replaces our existing loss making contract which expires at the end of July 2005. The contract extension will result in a complete upgrade of the existing shops at a cost of #1.1 million. As we reported at our Interim results in September, the securing of this extra business, whilst providing medium term benefits to the Group, will result in additional one-off costs of over #1 million being incurred in the current financial year. Commenting on the Group's acquisition in Turkey and contract wins, Kevin Abbott, Chief Executive said: "The IDF acquisition in Turkey is a further stage in the development of our business in Europe. IDF carries out many of the same activities as Alpha, and is an excellent fit with our business. The Turkish market is opening up, and we see good opportunities for growth. This well-run family business will benefit from our international expertise and credentials, and will enable us together to capitalise on these significant development opportunities. At the time of the Interims, we reported that our pipeline of development opportunities was running at unprecedented levels, and I am pleased to be able to announce today three new contract gains for Alpha. We are delighted to have been awarded the major contract with American Airlines in a competitive tender process. It is a credit to our London Heathrow and UK Flight Services quality and service record that American Airlines have made this significant change. We are also delighted to have extended our relationships with both Birmingham International and the Greater Orlando Aviation Authority, both airport partners offering Alpha exciting retail development and enhanced partnership opportunities." Enquiries: Alpha Airports Group Plc Kevin Abbott, Chief Executive Tel: 020 8580 3200 Heather McRae, Finance Director Tel: 020 8580 3200 Gavin Anderson & Company Laura Hickman Tel: 020 7554 1400 Website: www.alpha-group.com Notes to Editors: Alpha Airports employs over 5,000 people, operating from 150 catering and retailing outlets and 69 airports in 12 countries across 5 continents Alpha Flight Services *Provides in-flight catering, bonded stores, catering logistics and management services for over 100 airlines from 62 units in 8 countries. *With our retail management services, Alpha Inflight Retail is a European leader in the fast-growing market for on-board sales of food, drinks and gifts. Alpha Retail *Alpha operates at 12 UK airports, 2 North American airports and 3 Airports in the Indian sub-continent with Alpha Airport Shopping and Alpha Duty Free in Europe, plus Alpha Duty and Tax Free internationally. *Alpha also operates specialist shops at 17 airports in the UK and USA. World News shops sell books, magazines, confectionery and newspapers. Glorious Britain offers high-quality destination gifts. Zinq is Alpha's fashion accessory boutique concept and Bookbound a specialist stand-alone book shop. *Alpha operates restaurants, cafe and bar services at 13 UK and European airports. World News Cafe, Bar 08, Deli Sandwich Bar, Food Hall and the Brasserie and Bar are the main brands. This information is provided by RNS The company news service from the London Stock Exchange END ACQKGMGMRFMGDZG
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