Catering and on-board retail company LSG Group has reported strong half-year results, with a rise in revenue.
In the first half of 2023, the LSG Group reported a consolidated revenue of EUR 1,107 million, compared to EUR 857 during the same period in 2022, which translates into a 29 percent increase. This is thanks to continuing positive trends across all geographical regions of the company, particularly North America and Asia-Pacific.
The LSG Group’s result turned positive in the first half of 2023. The adjusted EBIT (earning before interests and taxes) improved by EUR 23 million to EUR 10 million after a loss of minus EUR 13 million in the previous year. As a reflection of the overall business recovery, the number of FTEs as of the end of June was 20,918, a 21 percent increase over last year. “We are on track with our business performance and pleased with this positive result in the first half of the year, despite suffering a negative impact from currency developments,” said LSG Group CFO Holger Fleige. “Overall, we are looking optimistically forward to the coming months and especially expect the Asian market to continue to recover.”
Recent contract wins include Delta airlines and Air Tahiti.
The news comes as parent company Lufthansa prepares to divest the company to private equity firm Aurelius. Originally announced in February, the deal is expected to close imminently.
Lufthansa divested the European operations of LSG in late 2020 to Gategroup. The sale included catering equipment brand Spiriant. It also includes the European convenience food operations trading under the Evertaste brand.