Interim Management Statement

RNS Number : 4607O

SSP Group PLC

07 August 2014

 



7 August 2014

SSP Group plc

Interim Management Statement

SSP Group plc ("the Group"), a leading operator of food and beverage outlets in travel locations worldwide, announces its interim management statement covering the period from 1 April to 30 June 2014.

Current Trading Update

On a constant currency basis, total Group sales for the period from 1April 2014 to 30 June 2014 increased by 3.5%, with like-for-like sales growth of 3.3%, compared with the same period last year. At actual currency rates, given the strengthening of Sterling in this period, total Group sales decreased by 1.4% year-on-year. 

Like-for-like sales growth continued to benefit from strong performances in the U.K., North America and Asia Pacific regions, with more challenging trading, as expected, in Continental Europe, most notably in France.  During the period, the Group opened its first outlets in Qatar as part of a contract to operate 11 food and beverage outlets at the new Hamad International Airport in Doha. The Group also recently won a number of new contracts, including a £135m seven year contract at London Stansted Airport, which includes an innovative new bakery concept in partnership with UK chef James Martin, and an $80m 10 year contract at Sacramento Airport.

Financial Position & Prospects

SSP Group continues to benefit from good passenger growth in its core travel markets, although uncertainty continues, as expected, in some smaller markets as a result of local political instability and its impact on tourism.

The Group's trading performance during the period and financial position were in line with management's expectations at the time of the IPO. 

Kate Swann, CEO, commented:

"I am pleased to announce our first IMS as a listed company. During the period we saw a strong performance for the Group, particularly in the U.K., North America and Asia Pacific. We continue to be confident in the outlook for the business."

Currency

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

Date for Preliminary Results

The Company expects to issue its preliminary results for the year-ending 30 September 2014 on Thursday 27 November 2014.

CONTACTS:

Katharine Tipper

Head of External Communications

SSP, The Food Travel Experts

[phone]

Giles Sanderson / Rob Greening / Lisa Kavanagh

Powerscourt

[phone]

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 130 airports and circa 270 rail stations, and operates approximately 2,000 units in 29 countries around the world.  On 15 July 2014, the Group's shares were successfully admitted to the London Stock Exchange's main market for listed securities.

SSP operates an extensive portfolio of approximately 300 international, national, local and speciality brands. These include Upper Crust, Starbucks, Caffè Ritazza, Burger King, M&S Simply Food, Millie's Cookies, O'Learys, Caviar House & Prunier, and leading Asian brands Ajisen Ramen and Saboten, as well as stunning bespoke concepts such as the Montreux Jazz Café in Geneva and the award winning Center Bar at Zurich. 

Its brand portfolio is tailored for each specific location, depending on variables such as passenger profile, consumer need states, location type, size and design.

www.foodtravelexperts.com

 

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