Travel caterer SSP report 40.3% rise in pre-tax profits

Travel caterer the SSP Group has reported pre-tax profit growth of 40.3% in the six months to 31 March 2018, following new openings and acquisitions.

Underlying profit before tax was reported to be £48.7m, from revenue of £1.2b marking a 11.9% increase at constant currency or a 9.8% increase at actual exchange rates.

The acquisitions of TFS in India and Stockheim in Germany added 2% to revenue.

Like-for-like sales were up 2.8%, driven by air passenger travel and retail initiatives.

Kate Swann, CEO of SSP Group, said: "SSP has delivered another strong performance in the first half of 2018. Operating profit was up 32.6% at constant currency, driven by good like-for-like sales growth, significant new contract openings and further operational improvements. We have continued to grow our presence across the world, particularly in North America and Asia and our new business in India is performing well.

"Looking forward, the second half has started in line with our expectations and whilst a degree of uncertainty always exists around passenger numbers in the short term, we continue to be well placed to benefit from the structural growth opportunities in our markets and our programme of operational improvements."

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