Today’s news in brief – 06/12/23

SSP reported a 38% rise in revenues to £3bn and doubled its EBITDA during FY23. This success was fueled by revenue growth and profit conversion, with a notable 25% H2 revenues increase on a constant currency basis. While North America, APAC, and EMEA regions contributed strongly, the UK and Europe faced slower recovery due to rail channel challenges from strikes and protests. Despite this, the group’s momentum continued into the new fiscal year, witnessing a 22% rise in revenues over the initial eight weeks. 

EG Group concluded the sale of its 218 KFC franchises in the UK&I to Yum! Brands. This move, part of EG Group’s debt reduction strategy, anticipates completion by mid-2024 and aims to repay debts. While divesting from KFC, EG Group retains operations in multiple countries and maintains partnerships with various renowned brands. 

Drake and Morgan turnover rose to £43.3m but faced an adjusted EBITDA dip to £4.1m, attributing the fall partly to rail union strikes impacting sales and EBITDA by £2.5m and £1.4m respectively. Despite this, the company anticipates a “record” Christmas season with bookings up by over 20%. Continued investment in terraces and outdoor spaces post-summer, such as igloos and revamped bars, supported revenue growth. 

The Langham, London, will be opening Mimosa in early 2024. The French Riviera-inspired restaurant at the historic hotel will be Moma Group’s first international outpost. Renowned chef Jean-François Piège will craft Mediterranean-inspired menus within “whimsical” interiors. The Langham, London, a part of Langham Hotels and Resorts, stands as Europe’s inaugural ‘Grand Hotel,’ established in 1865.