SSP reports positive first quarter trading

26 January 2017 by
SSP reports positive first quarter trading

Travel concession operator SSP has a reported revenue increase of 4.3% comprising like-for-like sales growth of 2.4% and net contract gains of 1.9% for the first quarter of its financial year to 31 December 2016.

It announced it has had a good start to the new financial year ending 30 September 2017 "in line with expectations", with an "encouraging" pipeline of new contracts, and expectations for the full year "unchanged".

SSP completed the initial investment to create a joint venture with Travel Food Services (TFS) in India in December 2016, which it says added a further 1.1% to sales, bringing the total group revenue increase in the first quarter to 5.4%. Total group revenue growth at actual exchange rates was 18.7%. It expects to have acquired the initial 33% stake in TFS in full by the end of February 2017.

It added that overall, like-for-like sales growth in the UK and continental Europe has remained positive, driven by increased passenger numbers in the air sector.

The report read: "The new financial year has started in line with our expectations and the pipeline of new contracts is encouraging, although it is always difficult to predict the precise timing of the openings of new units. 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."

The Group added Ed's Easy Diner to its brand portfolio late last year, and opened its first Jamie's Deli outside the UK in November.

SSP Group's like-for-like sales up 3% >>

SSP opens first Jamie's Deli outside the UK >>

SSP adds Ed's Easy Diner to its brand portfolio >>

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