Compagnie des Alpes (CDA), a major player in Europe’s tourism sector, continues to consolidate its leadership position with solid financial results for the 2023/24 financial year. With consolidated sales of €1,239.2 million, up 10.1% on the previous year, the Group has demonstrated its resilience and ability to perform in sometimes adverse conditions. On a like-for-like basis, i.e. excluding the integration of the Urban Group, growth was 8.9%, confirming the success of the Group’s various activities. The Group manages an impressive portfolio of iconic ski resorts, including La Plagne, Les Arcs, Tignes, Val d’Isère, Méribel, Les Menuires, Serre Chevalier and Grand Massif, as well as a number of renowned leisure parks, including Parc Astérix and Futuroscope.
This good performance mainly reflects the sustained growth of the Ski Areas and Outdoor Activities division, which benefited from an exceptional ski season. With a range of vast ski areas, mainly in the French Alps, Compagnie des Alpes was able to attract an international clientele, attracted by optimal snow conditions and modern infrastructure. At the same time, the Leisure Parks division also contributed to the Group’s results, despite some adverse weather conditions.
In the fourth quarter, sales rose by 12.5% to 260.7 million euros, thanks to a good performance from the leisure parks and strong summer business in mountain accommodation, reflecting the Group’s ability to diversify its offering throughout the year.
Ski Areas and Outdoor Activities: a historic year for Compagnie des Alpes
Compagnie des Alpes’ Ski Areas and Outdoor Activities division had a record year in 2023/24, with sales of €552.8 million, up 13% on the previous year. This performance was driven primarily by ski lifts, which accounted for over 95% of the division’s revenues, up 13.3% to €527.9 million. This growth was driven by a significant 8.1% increase in the number of skier-days, which rose to 13.8 million from 12.7 million the previous year.
This result illustrates the increased attractiveness of the ski areas operated by Compagnie des Alpes, supported by excellent snow conditions in all its high-altitude areas, as well as a particularly favourable school holiday calendar in France and Europe. The Group’s strategy, combined with close collaboration with the local ecosystem to enhance the tourism offer, has helped to attract a greater number of skiers, confirming Compagnie des Alpes’ leading position in the winter sports sector.
The 5.2% increase in average revenue per skier-day also contributed to this exceptional performance.
This reflects not only the optimisation of rates and services offered on site, but also an improved customer experience that encourages additional spending in the resort. Although the fourth quarter represented only a small proportion of full-year business (less than 2%), with sales of €10.3 million, it nonetheless recorded growth of 5%, thanks in particular to a strong summer season in mountain activities. This year-round diversification of the offering demonstrates the Group’s ability to capitalise on current tourism trends, reinforcing its resilience in the face of seasonal ups and downs.
Solid growth for the Distribution & Hospitality division in 2023/24
Compagnie des Alpes’ Distribution & Hospitality division reported solid growth for the 2023/24 financial year, with sales of €116.4 million, up 5.5% on the previous year. This dynamism reflects contrasting performances across the different business lines. MMV, the second-largest hotel operator in the French Alps, performed particularly well, with double-digit growth in sales linked exclusively to accommodation. This growth was underpinned by the success of the first winter season at the new Résidence Club at Risoul and by the renovation of the Village Club at Alpe d’Huez, both of which boosted the appeal of MMV’s offering. Mountain Collection Immobilier, the leading estate agency network in the French Alps, also enjoyed strong growth, thanks to an overhaul of its fee structure and the opening of a new branch in Val Thorens, confirming its role as the region’s leading property management company.
On the other hand, Travelfactory, the division’s tour operator, continued its strategic refocusing, favouring margins over volumes, which had an impact on its sales. The discontinuation of its rail offer, due to a decision by the carrier, also contributed to this decline. However, in the fourth quarter, the division recorded a significant increase of 17.9%, to €11.6 million, mainly thanks to MMV’s excellent performance during the summer season. The division’s other activities made a smaller contribution during this period. With 29,000 beds under management, the Distribution & Hospitality division is now the leading manager of warm beds in the French Alps, reinforcing its leadership position in this key market.
Season 2024/25: promising winter bookings
The outlook for Compagnie des Alpes at the end of the 2023/24 financial year remains promising, despite certain cyclical ups and downs that could influence future results. The Group has confirmed its gross operating profit (EBITDA) target for the year, expected to be around €350 million. This guidance, which represents an increase of around 15% on last year’s EBITDA excluding exceptional items, is underpinned by a strong winter performance and encouraging results from the Leisure Parks division in the fourth quarter.
Although concerns had been raised earlier about the adverse weather conditions in July and the uncertainties surrounding the Olympic Games, the Group was able to overcome these challenges through agile management and diversification of its offering, enabling it to maintain robust results.
The signs for the start of the 2024/25 financial year are also encouraging, particularly in the Ski Areas and Outdoor Activities business. Accommodation booking rates for the winter season are favourable, particularly in the major high-altitude areas, as well as for MMV’s Club Villages and Club Residences. However, Compagnie des Alpes is aware that the comparison with the previous financial year will be demanding, as the 2024 ski season benefited from ideal weather conditions and a favourable calendar. This could make next year’s performance harder to match, but current trends point to positive continuity, underpinned by the growing popularity of the mountain resorts operated by the Group.
In the Leisure Parks business, early indicators for the Halloween season and Christmas pre-sales are encouraging. At this stage, pre-sales and bookings, both BtoC and BtoB, are up on the previous year, particularly in Belgium. The satisfactory start to the Halloween season and the positive signals for the festive periods indicate that the Group could continue to capitalise on these key moments of the year to stimulate growth. So, although the global economic context and the vagaries of the weather are still risk factors to be monitored, Compagnie des Alpes is approaching the 2024/25 financial year with solid foundations and an optimistic outlook.
