SSP Group PLC (LSE:SSPG) has reported a 167% increase in revenue in the four months to 31 January 2023 thanks to a recovery in passenger numbers.
According to a statement, the station and airport food and beverage outlet operator recorded revenues of £871mln, 167% greater than the same period last year and 106% higher than in 2019.
Income from its Central European operations provided the largest amount of revenue at £320mln.
The FTSE 250-listed company said the performance was driven by a recovery in passenger numbers which resulted in strong leisure travel demand over the extended holiday season.
SSP said momentum from travel recovery continued through autumn into the winter, demonstrating resilience to the broader pressures on consumer spending.
Progress has also been made on extending and renewing contracts as well as winning new business to augment its “strong pipeline.”
"The strong momentum in performance that we saw across the business in the second half of last year has continued into the new financial year, demonstrating the high quality of our business model,” said SSP chief executive Patrick Coveney in the statement.
Looking ahead, SSP said it believes the travel and food-beverage sector will remain resilient to pressures on consumer spending and that its global footprint will deliver sustained growth.
“In particular, we see significant momentum and potential to accelerate expansion across North America and the Rest of World markets where revenues are now growing rapidly and which together are expected to account for approximately 40% of the Group by 2025,” Coveney added.
SSP noted that it is on track to achieve revenues of £2.9bn to £3bn, despite industrial action in the UK rail network, thanks to strong trading across other regions.