SSP expects revenues of £3bn amid strong trading
For the full year, group revenues are expected to be £3bn compared to £2.2bn in the prior year, representing growth of 37% year-on-year
SSP Group has upped its guidance and is expecting revenues to be at 116% of 2019 levels for the 16 weeks between June and September.
For the full year, group revenues are expected to be £3bn compared to £2.2bn in the prior year, representing growth of 37% year-on-year. EBITDA is expected to be £280m.
The news represents an improved trading condition compared to the previous June statement where trading was at 112% of 2019 levels.
The group’s revenue performance is being driven by the continued recovery in passenger numbers, particularly in the air sector, as well as its stronger customer offer and digital proposition. In addition, revenues have benefitted from price increases and further net contract gains.
North America, which now accounts for approximately a quarter of the group’s revenue, continues to be a key driver of its performance, with revenues expected to strengthen to 127% of 2019 levels.
In the UK and Ireland, sales are expected to strengthen to 100%, reflecting both the improving performance and the higher mix of the air channel, despite the rail sector continuing to be impacted by ongoing industrial action.
Commenting on the performance, Patrick Coveney, CEO of SSP Group, said: “We are enjoying a good finish to the year, and there is real momentum across the business as we enter FY2024.
“Our focus on higher growth markets such as North America and Asia Pacific, as well as our ongoing efforts to enhance our capabilities and increase efficiencies, is delivering strong results. Looking ahead, we continue to see significant opportunities for SSP to drive growth and returns.”
