Avolta seen up pre-market as it reports 'solid' Q1, sticks to outlook

Shares in Avolta AVOL.S are up 2.4% in pre-market indications after the Swiss duty-free retailer posted better-than-expected Q1 results and confirmed its outlook

Avolta's Q1 core EBITDA increased 16.3% to 196 million Swiss francs ($233.75 million); Q1 turnover rose 5.3% organically to 3.05 billion Swiss francs

J.P.Morgan describes the results as "solid" and says that both organic growth of 5.3% and EBITDA came in ahead of consensus

"In our view, the organic growth and unchanged outlook should be taken positively in the context of increasing concerns over the state of travel demand over the last two months," JPM says

"Continued proof of delivery can continue to drive the shares higher this year and we think shares should be up today on the solid growth trends and outlook," it adds

The company confirmed its FY guidance and mid-term targets

($1 = 0.8385 Swiss francs)