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Highlights:
- SSP forecasts full-year profits between £350m and £360m, up from £280m last year.
- Continental Europe operations faced challenges due to contract renewals, industrial action, and weaker performance in motorway services.
- The company remains confident about revenue growth in 2025, underpinned by structural growth in the travel sector and new contracts.
SSP Group (LSE:SSPG), the operator behind popular food outlets like Upper Crust in airports and train stations, announced it expects a significant rise in full-year profits, although it faced weaker earnings in Continental Europe, particularly in France where demand during the Olympics fell short of expectations.
For the year ending in September, SSP anticipates core profits to reach £350m to £360m, up from £280m the previous year. However, this figure falls slightly below the company’s top-end assumption of £375m. The group also expects revenues to hit £3.5bn, marking an increase from £3bn a year earlier, with operating profit forecast between £210m and £220m, compared to £164m in 2023.
Despite these strong figures, SSP's operating profit in Continental Europe is expected to be lower due to the timing and scale of contract renewals, as well as the impact of industrial action and weaker trading in the motorway services business. The company has also announced plans to exit the motorway services sector within 18 months.
Looking forward to 2025, SSP is optimistic about its revenue and margin growth, driven by sustained growth in the travel sector, returns from its investment programme, and a secured pipeline of new contracts. The company noted that further progress in Europe will be supported by ongoing initiatives aimed at improving returns.
