Penauille shows solidity in a crisis

The slowdown in the air transport industry following the 11 September attacks has impacted on performance at Servisair’s French parent company, Penauille Polyservices.
Profits fell to €15.9m from €21.4m in the previous year. But the company said: “Growth in airport services remained positive in the fourth quarter, increasing by 1.1% over 2000 levels, emphasising the group’s solidity when faced with
crisis conditions in the market.”
Penauille expects a recovery in this sector in the second half of the year, predicting “growth of above 10% buoyed by new contracts”.
Airport services accounted for 54% of Penauille’s sales at €683.7m. The company said the purchase price of Globeground, previously a Lufthansa operation, had been adjusted to €338.9m after debts.