SSP revenues up 64% in H1 amid travel recovery

SSP Group has revealed that revenues increased by 64.1% to £1.3bn for the six months ended 31 March, compared with £803m in the same period last year, as the group benefited from a recovery in passenger travel volumes. 

In addition, the group’s underlying EBITDA reached £90.5m and a free cash usage of £118.1m. 

Since the group’s preliminary results in December 2022, it also won roughly £75m worth of new business, which increased the expected annual sales value of net gains since 2019 from approximately £550m to around £625m, once fully mobilised by 2026.

In addition, the recent acquisition of the concessions business of Midfield Concessions Enterprises Inc. in North America will add 40 new units across seven airports, four of which are new locations to the group. 

Looking ahead, sales have continued to strengthen to 111% of pre-pandemic levels in the first six weeks of the second half, which included a strong Easter, with increased levels of holiday and leisure travel. 

Patrick Coveney, CEO of SSP Group, said: “This has been a strong first half for SSP, and the ongoing revenue momentum across the business means that we are now expecting our performance for 2023 to be at the upper end of our previous assumptions. We are continuing to deliver against our strategic priorities. 

“As ever, I would like to thank our clients and brand partners and not least our outstanding teams around the world for their contribution to this performance. Their ability to provide compelling food propositions for both clients and customers across the world is what sets this business apart.”