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Highlights:
- Strong Profit Growth: SSP Group posted a 26% increase in operating profit for the year ending September 2024, driven by a 14% rise in revenue.
- UK and US Lead Growth: UK and US operations outpaced other regions, with 26% and 47% profit growth, respectively.
- Dividend Boosted: Annual dividend increased by 40% to 3.5p, reflecting confidence in the company’s financial strength.
SSP Group plc (LSE:SSPG), the owner of global food and beverage outlets such as Upper Crust and Café Ritazza, announced strong financial results for the year ending September 2024. The company reported significant growth in revenue and profit, alongside a sharp increase in dividend payouts, signaling a robust recovery across its key markets.
Financial Highlights
Revenues climbed 14% to £3.43 billion, supported by strong trading across most regions except for continental Europe. Operating profit surged by 26% to £206 million, with improved margins contributing to the performance.
The UK led the growth among SSP’s regions, with sales rising by 15% and underlying profit increasing by 26% to £73 million. The US also performed strongly, registering a 47% jump in profits to £81 million. However, continental Europe lagged, prompting targeted initiatives to improve its performance.
For the first eight weeks of the new financial year to 25 November, SSP’s revenues were up 13% year-on-year, with like-for-like growth of 5%. The company expects annual revenues to reach £3.7-3.8 billion in the current year, accompanied by operating profit of £230-260 million at constant currency.
Regional Performance
- United Kingdom: The UK market showed resilience, supported by strong sales growth and margin improvements, despite facing additional costs from new tax and wage measures announced in the Budget.
- United States: The US led in profitability, benefiting from robust travel-related demand and expansion of operations in key locations.
- Continental Europe: While Europe experienced weaker performance, SSP is accelerating recovery efforts by optimizing recently renewed and extended contracts.
Strategic Initiatives and Outlook
Chief executive Patrick Coveney highlighted the company’s focus on maximizing value from its strengthened post-COVID-19 base. “In Continental Europe, we are accelerating our profit recovery plan, particularly by building returns from the significant number of recently renewed and extended contracts,” Coveney said.
Looking ahead, SSP expects sustained growth in its core markets while implementing measures to enhance efficiency and profitability in underperforming regions. The company also aims to offset cost pressures through strategic initiatives and operational efficiencies.
Dividend Increase Reflects Optimism
The annual dividend was increased by 40% to 3.5p, a move that underscores SSP’s confidence in its financial stability and growth trajectory.
Market Reaction
Shares in SSP Group surged nearly 10% following the announcement, reflecting investor optimism about the company’s growth prospects and resilience amid ongoing challenges in the global market.
Conclusion
SSP Group’s strong annual results and positive outlook highlight its ability to navigate post-pandemic challenges and capitalize on growth opportunities across key markets. With a clear focus on operational efficiency and regional recovery plans, the company is well-positioned for sustained growth in the coming years.
