Verallia: First Half 2021 financial results

After a first quarter still adversely affected by the health restrictions, the reopening of Cafés, Hotels and Restaurants in the second quarter allowed Verallia to record robust organic revenue growth over the six‐month period

Verallia published the First Half 2021 financial results, showing that revenue in the first half of 2021 totalled 1,328 million EUR, a 4.2 percent increase on a reported basis compared with the same period in the previous year.

Michel Giannuzzi, Chairman and CEO of Verallia, commented, “After a first quarter still adversely affected by the health restrictions, the reopening of Cafés, Hotels and Restaurants in the second quarter allowed Verallia to record robust organic revenue growth over the six‐month period. Adjusted EBITDA rose sharply in the first half, with a full contribution from the Group’s three main pillars for improvement – namely the increase in business activity (operational lever), positive spread and mix, and improved industrial efficiency (PAP). In view of these solid results, Verallia can raise its adjusted EBITDA forecasts for 2021.”

Highlights

  • H1 2021 revenue up +4.2% to 1,328 million EUR (+7.7% at constant exchange rates and scope) vs. H1 2020
  • In Q2 2021, strong revenue growth of +14.8% to 723 million EUR (+17.6% at constant exchange rates and scope) vs. Q2 2020
  • Increase in adjusted EBITDA to 345 million EUR in H1 2021, from 299 million EUR in H1 2020 (+15.4%)
  • Sharp increase in adjusted EBITDA margin to 26.0% in H1 2021 (+260 bps)
  • Net income of 133 million EUR versus 79 million EUR in H1 2021
  • Reduction in net debt leverage to 1.9x adjusted EBITDA for the last 12 months, against 2.1x as of 31 March 2021
  • Verallia proceeded with two share buybacks during the first half for 109 million EUR and therefore holds 1.7% of the share capital (after cancelling 1.6 million shares)

To download the full press release click here.