First Quarter Trading Update

RNS Number : 7170B

SSP Group PLC

09 January 2015

 

9^th January 2015

First Quarter Trading Update

SSP Group plc ("the Group"), a leading operator of food and beverage outlets in travel locations worldwide, announces its trading update for the first quarter of its financial year ending 30 September 2015, covering the period from 1 October 2014 to 31 December 2014.

Trading in the first quarter of the 2015 financial year

The Group's overall trading in the first quarter has been in line with expectations.

On a constant currency basis, total Group revenues for the period from 1 October 2014 to 31 December 2014 increased by 2.9%, with like-for-like sales growth of 2.7%, compared with the same period last year. At actual currency rates, given the strengthening of Sterling compared with the prior year, total Group revenues decreased by 0.1% year-on-year.

Like-for-like sales growth benefited from strong performances in the U.K., North America, the Middle East and Asia Pacific, although, as expected, trading has remained challenging in some parts of Continental Europe, notably France and Germany.  In terms of new business, we are making good progress in developing our pipeline, and continue to expect a stronger net contract gains performance in the second half of this financial year.

Outlook

The outlook for the Group remains unchanged from that given in our full year 2014 results on 27 November 2014. Whilst a degree of uncertainty continues to exist around passenger numbers in the short-term, the Group remains well positioned to capitalise on the underlying positive trends in its markets.

Currency

Trading results from our overseas operations are converted at average foreign exchange rates over the year. In comparison with last year, Sterling has strengthened against many of our key currencies (including the Euro, Norwegian Krone and the Swedish Krona). Currency movements have a translation impact only.

Annual General Meeting

The Group's Annual General Meeting will be held at 11am on 3 March 2015, at the offices of Freshfields Bruckhaus Deringer, 65 Fleet Street, London EC4Y 1HT.

CONTACTS

Investor and analyst enquiries

Charles King

Director of Investor Relations, SSP Group plc

[phone]

E-mail: [e-mail]

Media enquiries

Jenni Wheller

Head of Communications, SSP Group plc

[phone]

E-mail: [e-mail]

Giles Sanderson / Rob Greening / Lisa Kavanagh

Powerscourt

[phone]

E-mail: [e-mail]

NOTES TO EDITORS

About SSP

SSP is a leading operator of food and beverage concessions in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. With a heritage stretching back over 60 years, today SSP has nearly 30,000 employees, serving approximately a million customers every day. It has business at circa 120 airports and circa 270 rail stations, and operates approximately 2,000 units in 29 countries around the world. 

SSP operates an extensive portfolio of approximately 300 international, national, and local brands. These include Upper Crust, Starbucks, Caffè Ritazza, Burger King, M&S Simply Food, Caviar House & Prunier, Millie's Cookies, and YO! Sushi, as well as stunning bespoke concepts such as the Montreux Jazz Café in Geneva, Zurich and Paris, Café Deco in Hong Kong and Shanghai, and the award winning Center Bar at Zurich. 

The Group's shares were admitted to trading on the London Stock Exchange's main market for listed securities on 15 July 2014.

www.foodtravelexperts.com

 

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