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Travel foodservice company, SSP Group, has seen its revenues rise 12% on a constant currency basis to £1.7bn for the half-year ended 31 March 2025, having seen like-for-like sales grow 5% during the period.
Operating profits also rose by 31% on a constant currency basis to £45m during the period, which was in line with expectations.
IFRS statutory operating profit was £15m, down 74% compared to the prior year, primarily due to non-cash IT transformation costs as well as recognition of impairments in France and Italy.
Meanwhile, statutory IFRS underlying operating profits rose by 17.2%, from £58m in the prior year to £68m in the first half.
During the period, SSP Group saw sales rise across all markets, with North America seeing a sales rise of 13%; Continental Europe a rise of 3%; APAC and EEME a sales jump of 38%; and the UK a total sales growth of 9% during the period.
Looking ahead, SSP Group is maintaining its full-year guidance despite economic uncertainty and expects group sales growth of 5% in early H2, with some regional variations. The group said its India IPO is also progressing towards summer completion, and taking actions to drive profitability, cost efficiency, and accelerate returns, including an overhead cost reduction programme.
Patrick Coveney, chief executive of SSP Group, said: “We recognise the importance of driving enhanced performance, and we are executing against our agenda to achieve this. Our accelerated actions include a decisive turnaround plan for our Continental European business, a programme to deliver the full benefits of recent strategic and capital investments and a further step up in initiatives to deliver cost efficiencies.
“As a result, notwithstanding the higher level of macroeconomic uncertainty, we are maintaining our full-year guidance.”
He added: “Given the resilience of our business and the strong foundations that we have built in growing food travel markets across the world, we continue to see significant opportunities for SSP to drive compounding growth and to build margins and returns in the medium and long term.”
