PARIS–(BUSINESS WIRE)–Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
This press release presents consolidated financial results established under IFRS accounting rules, closed by the Pierre et Vacances SA Board of Administration on 2 December 2024 and currently being audited.
RETURN TO NET PROFITS IN 2024,
SOLID OPERATIONAL PERFORMANCES, A CLEANED-UP FINANCIAL SITUATION,
CONFIRMING THE PIERRE & VACANCES – CENTER PARCS GROUP STRATEGIC DECISIONS
- In a still-complex environment throughout the year (sluggish purchasing power, deteriorated economic context, political instability and the Olympic Games in France), the Pierre & Vacances-Center Parcs Group recorded robust performances and a fourth consecutive year of growth, with:
- revenue1 of €1.9 billion, of which €1.8 billion for the tourism brands, up 3.7%,
- adjusted EBITDA2 of €174 million3 (more than double the 2019 level), ahead of guidance4 and showing an increase of €37 million relative to the year-earlier period.
- A return to net profits after more than a decade of net losses, at €29 million.
- A solid, cleaned-up balance sheet, with operational cash generation5 of €68 million, net cash of €33 million and refinanced debt with an RCF6 implemented in July 2024, confirming a definitive exit from the restructuring period (removal of security trust, easing of covenants etc.).
- These performances reflect the strong momentum of the ReInvention strategic plan, refocusing the brands on a premiumised and increasingly experience-based offer. Our initiatives favouring customer satisfaction are paying off, with higher indices for all of the Group and particularly robust results for the Pierre & Vacances brand, which tripled its EBITDA over one year.
- Strengthened by these results and the relevance of its model, the Group confirms its EBITDA growth trajectory for FY2025, to reach its guidance7 for 2026 and 2028 (Group adjusted EBITDA of €200 million in 2026 and €220 million in 2028).
Franck Gervais, CEO of the Pierre & Vacances-Center Parcs Group, stated:
Our full-year earnings show a fourth consecutive year of growth, testifying once more to the Group’s ability to generate robust performances and rise to challenges in a difficult environment. The Group restored a net profit, with all the tourism brands contributing to a record level of operating profitability in 2024, delivering the initial targets of the ReInvention plan a year ahead of schedule.
Benefiting from a healthy financial…
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