Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

SSP sees full-year core profit, sales at upper end of expectations

Published 23/05/2023, 08:25
SSP sees full-year core profit, sales at upper end of expectations

Sharecast - The company had guided to sales of £2.9bn to £3bn and earnings before interest, tax, depreciation and amortisation of £250m to £280m.

"Whilst we continue to face macroeconomic uncertainty, we believe that the travel food and beverage sector will remain structurally resilient to pressures on consumer spending and that our global footprint, with increasing exposure to the North American and Asia Pacific regions, will enable us to deliver sustained growth," it said.

"Progress in the first half of the year has been encouraging as we have maintained revenue momentum and have actively mitigated inflationary pressures to deliver a strong conversion of sales to profitability."

In the six months to the end of March, SSP - which has outlets at airports and train stations - swung to a pre-tax profit of £15.8m from a loss of £2.3m in the same period a year earlier. Revenues rose 64.1% to £1.3bn, underpinned by a continued recovery in passenger travel volumes.

SSP Group PLC (LON:SSPG) said the recovery is being led by domestic and leisure travel across both the air and rail sectors, with business and commuter travel also recovering, albeit more slowly.

The company’s strongest-performing region is North America, where revenues are now at 124% of 2019 levels, "reflecting the growth of domestic air travel and the scale of net gains in the region". In Continental Europe, meanwhile, revenues are at 116%, driven by a strong performance across the Air business.

Chief executive Patrick Coveney said: "This has been a strong first half for SSP, and the ongoing revenue momentum across the business means that we are now expecting our performance for 2023 to be at the upper end of our previous assumptions."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Read more on Sharecast.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.