Travel concession operator SSP Group (SSPG) has reported like-for-like sales growth of 3.6% in its third quarter results and a 21.7% jump in total group revenues.
SSP, which owns travel specialist food outlets Upper Crust and Le Grand Comptoir, as well as operating numerous brands including Yo! Sushi, Hard Rock Cafe and Burger King, said the increase was in part down to the timing of Easter, leading to increased passenger numbers, particularly in air travel.
Group revenues were also boosted in most countries where it operates because of the weakness of sterling.
SSP said trading in the rail sector had remained softer in the period and added that, more recently, it had seen some further impact from the terrorist attacks in the UK and continental Europe.
“Looking forward, whilst a degree of uncertainty always exists around passenger numbers in the short term, particularly in the current environment, we are well placed to continue to benefit from the structural growth opportunities in our markets and to create further shareholder value,” SSP added.
The SSP share price jumped more than 3% in early trading but has given up most of the gains at the time of writing in late afternoon. It is up 0.8% on yesterday at 487.6p.
The group also saw a 7.6% increase in net contract gains in the three-month period, boosted by the early commencement of operations at Chicago Midway airport.
The results put SSP on track for a strong final year performance, with group revenue in the nine months to the end of June 2017 up by 10.4% on a constant currency basis - converting sales from overseas into sterling - compared with the same period in the past financial year. This was driven by a like-for-like sales growth of 3.2% in the nine-month period.
SSP operates some 2,200 concessions in 140 airports and 280 railway stations globally.
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