SSP Group holds guidance as sales rise 6% in Q1
The group’s performance was attributed to continued structural growth across the travel industry around the world, having seen strong sales across all regions
The operator of F&B outlets in travel locations, SSP Group, has reiterated its full-year guidance as like-for-like sales rose 6% for the first quarter ended 31 December 2024.
For the whole period, group sales were 14% higher than the previous year, with both net contract gains and contributions from acquisitions jumping 5% respectively.
The group’s performance was attributed to continued structural growth across the travel industry around the world, having seen strong sales across all regions.
On a constant currency basis, Continental Europe sales rose by 5%, while sales rose by 9% in the UK thanks to good passenger numbers in air travel and a lower incidence of industrial action in the rail sector compared with last year.
In North America, sales grew by 17% year-on-year. The acquisitions of the Midfield Concessions business in Denver and ECG in Canada reached their first anniversary in the quarter and were treated as like-for-like from November and December respectively.
Meanwhile, in APAC and EEME, sales leapt by 41%, also driven by increasing passenger numbers and a benefit from acquisitions – most notably ARE in Australia, which was completed in May 2024.
Patrick Coveney, CEO of SSP Group, said: “We have made a good start to the new financial year. Our tightened agenda with a focus on driving returns from recent investments and enhancing efficiency to drive profitability is progressing well.
“Performance in the structurally growing and higher returning regions of North America and APAC & EEME, where we continue to invest, was particularly pleasing in the quarter. We are confident in our prospects for the balance of FY25 and beyond.”
