SSP Group revenues rise 19% to £1.5bn in H1
The group also saw good underlying EBITDA growth in the UK, having benefited from a further recovery in passenger numbers
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Global travel concessions operator, SSP Group, has reported that it is on track to deliver on its full-year expectations, as revenues rose 19% on a constant currency basis to £1.5bn during the half-year ended 31 March.
This comes as like-for-like sales rose 12% during H1, with a very strong performance in APAC and EEME reflecting strengthening passenger numbers in airports.
The group also saw good underlying EBITDA growth in the UK, having benefited from a further recovery in passenger numbers despite ongoing impact from industrial action in the rail sector.
Since the half-year end, SSP has traded in line with expectations, with total revenues during the first six weeks of H2 rising 14% year-on-year on a constant currency basis, with revenue in the UK rising 9%.
As a result, SSP expects FY24 demand for travel to remain resilient despite macroeconomic and political uncertainty, having been encouraged by its progress during the first half.
Patrick Coveney, CEO of SSP, said: “The first half has been a period of continued momentum, and we’ve made good strategic and financial progress. Our momentum is being supported by tailwinds from the high structural growth of the markets in which we operate, our proven ability to win and retain high-returning contracts and by our value creating acquisitions.
“Trading momentum has continued into the second half, and we are confident in delivering on our expectations for the full year. In particular, we are well set to capitalise on what we anticipate will be a Summer of strong demand in all our markets – including Continental Europe, where the Olympics and the European Championships will help boost footfall in airports and stations.”
He added: “As a business we are making good progress on our strategic priorities, thanks to the hard work and commitment of all our colleagues and the support of our clients and brand partners around the world. We remain confident in our ability to deliver sustainable, compounding growth and returns for all our stakeholders in the years to come.”
