2023 saw ARI experience strong growth underpinned by higher passenger volumes and record passenger spends, post the lean COVID years. ARI recorded a managed turnover of €1.24bn, marking a 13.9% increase on 2022 performance.

Compared to previous years, 2023 was a year of continued growth and recovery in all key markets for ARI. The year was exceptional as many business units achieved historically high turnover and levels of profitability.

We have a broad span of retail activities, with direct or indirect interests in 14 countries across North America, Europe, the Middle East, and minority shareholdings in Düsseldorf Airport in Germany, and Larnaca and Paphos airports in Cyprus, and are also responsible for running the retail operations in Ireland’s Dublin and Cork airports.

Dublin and Cork Airports in Ireland enjoyed record numbers of passengers, delivering strong growth for us across all categories, and with sustained development of airport exclusives and first-to-market offerings in liquor, beauty and confectionery.

Our joint venture with ANA, at Portugal Duty Free exceeded expectations with the business trading ahead of plan in its first full year of operations for ARI. The focus for 2024 is now on the completion of an extensive capital refurbishment programme to improve the retail experience in the stores.

ARI Middle East (ARIME), which comprises businesses in Bahrain, Cyprus, Lebanon, Oman, Saudi Arabia and UAE had a strong year despite challenges in the region in the last quarter.

The implementation of the state-of-the-art new store at Zayed International Airport in Abu Dhabi was completed in November 2023 and saw the opening of a phenomenal, world-class store for ARI featuring beauty, jewellery, and sunglasses.

Our business in Riyadh performed solidly, while Muscat had another year of very robust performance in 2023, with trading boosted by good liquor and tobacco allowances in arrivals.

Bahrain Duty Free also showed a strong performance in 2023, with prevailing market conditions attributing to the solid performance across all sectors.

Our retail operations at Larnaca and Paphos airports in Cyprus performed significantly ahead of 2019 levels with turnover exceeding €100m for the first time. The business returned a healthy profit, benefiting from strong performance in the peak season period of the year. The business continues to benefit from the spend from UK passengers following the re-introduction of duty free, post Brexit.

Recovery in ARI’s retail operations in Canada gathered pace and performed in line with 2019 levels despite the lack of high-spending Chinese passengers. ARI North America celebrated its milestone 25^th anniversary in 2023. The retail area at YUL Montréal-Trudeau International Airport was rebranded as Montréal Duty Free during the year. A stand-alone duty paid store in partnership with Chanel was opened in September 2023 at Vancouver International Airport, and Edmonton, a new contract won in 2023, opened in mid-January 2024.

Our joint venture operation at Indira Gandhi International Airport Delhi, India where ARI holds a 33.1% stake had another exceptional year.

ARI’s operations at the two airports in Montenegro, Podgorica and Tivat, continued to trade profitably despite the lack of Russian and Ukrainian passengers.

The strong financial performance is driven by our strategic commitments, including a sustained focus on strengthening its leadership position in ESG and reinforcing its DE&I assurances. Together with ARI’s improved Customer Value Proposition, these programmes reinforce the brand’s reputation as a pioneer in the industry.