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Highlights
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SSP Group plc reported a 12% increase in revenue across its UK outlets for the three months ending September, driven by strong air travel demand and fewer rail strikes.
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Group sales rose by 12%, with significant growth observed in North America (20%), Asia Pacific (30%), and a 7% increase in continental Europe.
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The company anticipates an operating profit in the range of £210 million to £220 million, with plans to enhance margins and optimize business performance.
Overview
SSP Group plc {LSE:SSPG}, the owner of Upper Crust, has announced a strong performance in recent weeks, attributed to heightened demand for air travel and a reduction in rail strikes. In its pre-close trading update released on Thursday, the company reported a 12% increase in revenue across its UK outlets for the three months leading to September, aligning with a broader group sales uptick of 12%.
Internationally, SSP experienced notable growth, with revenue climbing by 20% in North America and an impressive 30% increase across the Asia Pacific region. In contrast, sales in continental Europe rose by 7%, although the region faced challenges due to lower-than-expected demand in France during the Paris Olympics, compounded by industrial actions and weak trading conditions at motorway service areas.
For the financial year, SSP's revenue is projected to increase by 17% on a constant currency basis, reaching approximately £3.5 billion. The company anticipates an operating profit between £210 million and £220 million. While operating profit growth is expected to be robust in the UK, North America, and Asia Pacific, it is anticipated to be lower in continental Europe due to the aforementioned challenges.
In response to these difficulties, CEO Patrick Coveney stated that the company is implementing a series of strategic actions aimed at building margins, including exiting the motorway business. Coveney emphasized the focus on optimizing operational performance, enhancing returns from recent investments, and ensuring sustainable, compounding growth in the future.
Following the announcement, SSP Group plc shares saw a slight increase of 1%, reflecting investor confidence in the company's strategic direction and robust financial performance amid a recovering travel market.
