SSP Group revenue falls 41% in FY21
Despite the hit, SSP said the group is ‘steadily improving’ revenue, with trends over the summer and autumn causing revenue to average 66% of 2019.
SSP Group, a global operator of food and beverage outlets, has announced its revenue fell by 41.8% from £1.43bn in 2020 to £834.2m in the year ending 30 September 2021, and by 70.1% compared to 2019 levels.
The group’s operating loss was £309.2m in FY21, including credit for non-underlying net operating costs of £14.1m, compared to £363.9m in 2020.
Additionally, SSP’s pre-tax losses were £411.2m compared to a £425.8m loss last year, while its net debt was £1.48bn. This includes lease liabilities of £1.17bn compared to £2.04bn in 2020 which had lease liabilities of £1.34bn.
SSP said the group is “steadily improving” its revenue, however, with trends over the summer and autumn causing revenue to average 66% of 2019 in the first 9 weeks of the new financial year.
Jonathan Davies, deputy CEO and CFO of SSP Group, said: “Against the backdrop of volatility and disruption in the travel sector, we’ve maintained strong operational controls and disciplined management of operating costs and cash flow.
“Over the past year, we’ve continued to re-invest in and strengthen important areas of the business which we believe will underpin our long-term growth, including our customer offer, our people strategy and our technology platforms, and we’ve made real progress in further embedding sustainability into our business.”
He added: “Looking ahead, the medium-term outlook remains unchanged, which is for a return to broadly pre-Covid levels of like-for-like revenue and EBITDA margins by 2024. We are now starting to mobilise the pipeline of around 200 new outlets that have already been secured.”
