LSG Group releases Q2 results
The adjusted EBIT (Earnings Before Interest and Taxes) improved by 23 million EUR (USD $26.91 million) to 10 million EUR (USD $11.7 million) after a loss of minus 13 million EUR (USD $-15.21 million) in the previous year
LSG Group is on track to become a stand-alone organization after a change in ownership. In the first half of 2023, the company experienced a 29 percent increase in revenue, reaching EUR 1,107 million (USD $1,295.19 million).
“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 in an August 7 press release. “Overall, we are looking optimistically forward to the coming months and especially expect the Asian market to continue to recover.”
LSG’s three-pillar strategy focuses on growth in classic catering, onboard retail, and food commerce. Recent successes include winning new contracts with airlines worldwide and introducing innovations like AICA, a consumption analytics tool.
The company also received industry accolades for its innovations and sustainability efforts. The organization’s internal LGBTQ support network, Rainbow Sky, is actively promoting diversity and inclusion within the Group.
“All of these developments point in one direction,” said Erdmann Rauer, LSG Group CEO. “Our company is well on track, both financially and strategically, to becoming a stand-alone organization, with the full support of our future owner. That is why we are continuing to pursue our three-pillar strategy with renewed motivation, as we further develop our business and master our challenges while creating value for our customers. At this inflection point in our history, we remain a strong and innovative organization with a clear vision to assert leadership in the market.”
