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SSP Group PLC on Thursday said it is getting closer to 2019-levels revenue as the Upper Crust and Camden Food Co owner profited from ‘longer passenger dwell times in some markets’.
For the three months to June 30, SSP said revenue was at 87% of 2019 levels driven by a recovery in passenger numbers. That is a slight improvement from its interim results in May, when it had said revenue was at 83% levels of 2019 for the first six weeks of the quarter.
But the London-based operator of travel food and beverage outlets noted that it also benefitted from ‘longer passenger dwell times in some markets’, without explaining this further. The UK in recent months has suffered both train strikes and flight cancellations and delays, leaving passengers stuck in airports and train station
SSP said recovery has been led by domestic and leisure travel in both the air and rail sectors. Further, rail commuter travel continued to recover well, albeit at a slower pace than leisure travel, the company said.
Looking ahead, SSP said its medium-term expectation for a recovery of the like-for-like business to 2019 levels of profitability remains unchanged. It also expects to deliver sales in the region of £2.1 billion and an earnings before interest, tax, depreciation and amortisation margin of around 6%, which is at the upper end of the previous full-year guidance range.
It added that if current currency trends continue, in particular the USD and EUR, it expects a negative full year effect of around 1.6%.
SSP shares were 3.7% lower at 228.32 pence each in London on Thursday morning.
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