SSP Group maintains profit guidance as Q3 sales rise 16%

The operator of F&B outlets in travel locations, SSP Group, has revealed its full-year guidance will remain unchanged as it recorded a sales rise of 16% during the third quarter to 30 June. 

It comes as the group’s like-for-like sales grew 6% during the period off the back of its positive momentum during the first half. 

Due to an increasing demand for leisure travel, SSP Group has also reported that the second half of 2024 has started well with a strong sales performance across all regions. 

In the UK, sales rose by 12%, with SSP’s like-for-like performance rising 8% due to good passenger numbers in the air sector and a lower incidence of rail industrial action when compared with last year. 

On a constant currency basis, sales in North America grew by 27% year-on-year, including a 14% benefit from SSP’s acquisitions of Midfield Concessions and Mack II in the US and ECG in Canada. 

Meanwhile, APAC and EEME sales rose by 33%, as the group saw strong like-for-like growth across the region, driven by increasing passenger numbers, and a benefit from the ARE acquisition in Australia, which was completed in early May.

For the nine-month period to 30 June, total group revenues rose by 18%, including like-for-like sales growth of 10%, net contract gains of 4% and a benefit from acquisitions of 4%. At actual exchange rates, total SSP revenues rose by 15% year-on-year. 

SSP believes it is well-positioned for the peak summer trading period to deliver results in line with its planning assumptions for FY24, as outlined in the interim results on 21 May. 

On Friday (5 July), SSP along with Starbucks and Heathrow also announced the official opening of its “busiest” UK store at Terminal 5. Located in the terminal’s airside departures area, the 252 sq ft Starbucks site has 50 seats and nine coffee machines that will be able to serve hundreds of customers every hour.