SSP operating profit up, half-year results show

15/05/2019 - 08:57
The food and beverage operator, SSP, has announced that its operating profit is up 13.2% in the first six months of its 2019 financial year.

It’s revenue of £1,261.6m was up 7.1% with exchange rates taken into account, and like-for like sales were up 2%, driven by air passenger travel and retail initiatives in the year endin 31 March 2019. 

Kate Swann, CEO of SSP Group said: “SSP has delivered another good performance in the first half of 2019, driven by strong sales growth, significant new contract openings across the world and our programme of operational improvements.

“We have continued to grow our global presence, particularly in North America and Asia, and we have further expanded our operations in Latin America. These are high growth markets for SSP and present us with exciting opportunities. Given this positive momentum, we are today raising our expectations for net gains in the second half of the year.

“Looking forward, the second half has started well 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 our programme of operational improvements.”

The group had an underlying operating margin up 5.0% at constant currency with its strategic initiatives delivering well with reported profit before tax of £51.4m.

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