SSP Group revenues hit £3bn in FY23

SSP Group revenues rose 38% to £3bn for the full year ended 30 September, as EBITDA doubled to £280m compared with last year. 

The group attributed its performance to strong revenue growth and profit conversion, with H2 revenues growing by 25% on a constant currency basis. 

While the group saw strong contributions to profitability within North America, APAC and EMEA regions, profit growth in the UK and Continental Europe was impacted by a slower revenues recovery in the rail channel due to strikes and civil protests. 

That said, trading momentum has been sustained into the new financial year, with group revenues in the first eight weeks rising 22% on a constant currency basis.

Patrick Coveney, CEO of SSP Group, said: “This has been a year of strong financial, operational and strategic progress for SSP. We are continuing to lay the foundations for accelerated expansion in key growth markets such as North America and Asia Pacific. We are also making clear strides in enhancing our customer proposition, our digital capabilities and our sustainability initiatives.

“SSP is in very good shape, and we are excited by the opportunities in front of us. We are building strong momentum across all areas of the business thanks to the efforts of our outstanding colleagues across the world, as well as the ongoing support of our clients and brand partners.” 

He added: “The commitment of our people, the structural growth in travel demand and the strength of our business model mean we are well placed to deliver compounding growth and returns in the years to come.”