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SSP delivers strong 2019 results

The operator of food and beverage outlets in global travel locations, SSP Group has today announced its financial results for the year ended 30 September 2019.

Underlying operating profit stood at £221.1m, an increase of 12.1% at constant currency, and 13.3% at actual exchange rates.

The company's revenue was £2,794.6m, a rise of 7.8% at constant currency, and 9% at actual exchange rates.

There were strong net gains of 5.6%, driven by North America and Continental Europe.

Like-for-like sales rose by 1.9%, which was driven by the growth in passenger numbers, both in air and rail.

Underlying profit before tax stood at £203.2m, a rise of 10.2%, and reported profit before tax was £197.2m, up 7.8%.

Encouraging pipeline, with significant new contracts underpinning future growth, including in North America at LaGuardia, San Jose and Ottawa Airports and in the Rest of the World at Brisbane, Shenzhen, and Hongqiao Airports; and entry into three new markets next year: Bahrain, Bermuda and Malaysia.

Simon Smith, CEO of SSP Group, said, “SSP has delivered another strong performance in 2019. Operating profit was up 12% at constant currency, driven by solid like-for-like sales growth despite some external headwinds, significant new contract openings and further operational improvements.

'We continue to grow our business in North America, and have made good progress expanding in Continental Europe. In the Rest of the World, we have grown in India and the Philippines, and have entered Brazil, a new market for us, with further market entries planned in Bermuda, Bahrain and Malaysia.

'The new business pipeline is strong across all our geographies both this year and next, and we’ve announced a £100m share buyback which further demonstrates our confidence in the future of the business.'

Smith concluded, “The new financial year has started in line with our expectations and, whilst a degree of uncertainty always exists around passenger numbers in the short-term, we continue to be well placed to benefit from the structural growth opportunities in our markets and to create value for our shareholders.”

The group operates UK outlets branded Ritazza (pictured), inspired by Italian café culture, Cabin, the luxury bar concept, Camden Food Co, healthy, yet indulgent on-the-go options, and Upper Crust, freshly-baked baguettes.