H1 15 results (H1 revenues were released on 5 August): adjusted EBITDAR was at €290m (+26% yoy), with a 38% margin (vs. 34% in H1 14), above consensus. However, the adjusted EBIT, at €51m, is in line with consensus and the net loss of €19m is below consensus (but in line with our estimates). The guidance is confirmed: stable or slightly lower sales in 2015; a slight decrease in the EBITDAR margin (vs. 2014). However, the CEO points to a tougher H2. Bourbon expects to stack up t
09 Sep 2015
H1 15 results: guidance confirmed. Tougher H2 ahead
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H1 15 results: guidance confirmed. Tougher H2 ahead
H1 15 results (H1 revenues were released on 5 August): adjusted EBITDAR was at €290m (+26% yoy), with a 38% margin (vs. 34% in H1 14), above consensus. However, the adjusted EBIT, at €51m, is in line with consensus and the net loss of €19m is below consensus (but in line with our estimates). The guidance is confirmed: stable or slightly lower sales in 2015; a slight decrease in the EBITDAR margin (vs. 2014). However, the CEO points to a tougher H2. Bourbon expects to stack up t