TheMoodieReport.com

TheMoodieReport.com: "The Nuance Group reported total first-half revenues of CHF783.6 million, down from CHF809.3 million for the first six months of 2004. On a like-for-like basis, however, and excluding the impact of foreign exchange movements, revenues were in line with last year the company said. Sales increases in North America (+5.6%) and Asia (+19.9%) were offset by lower volumes in Europe (-6.8%).

Europe has been heavily impacted by the opening of the second terminal at Antalya airport, where Nuance does not operate the concession. Excluding Turkey, the European region�s revenues were flat when compared to 2004.

The Group recorded EBITDA of CHF10.6 million, falling from CHF12.0 million last year for the six-month period. However, on a like-for-like basis and, excluding the impact of foreign exchange movements, EBITDA improved by +43.3% versus the first half of 2004, �demonstrating the better underlying performance in the business, with the Group benefiting from operational improvements�.

The profitability of the Group, however, has been negatively impacted by Australia and Denmark, where per passenger guarantee contracts are in place with the respective airports, Nuance said.

In the second half of the year, the Group anticipates a continually challenging environment (especially in the above-mentioned countries). At the same time, Nuance expects operational improvements driven by major retail projects and refurbishments in various locations across the network. "