SSP, the owner of Upper Crust and Café Ritazza, said profits and sales have continued to power ahead in the second half of the year.
Revenues are up by 110% in the weeks to 11 June 2023 driven by buoyant sales in the US, up 123%, and Continental Europe (114%).
UK and Ireland's revenues were up by 94%, it added, even with the disruption from ongoing rail strikes and helped by airport business, which is strong everywhere as air travel bounces back from the pandemic.
For the full year to end September 2023, SSP added it expects sales and profits both to be at the top end of guidance of £2.9-3bn and £250-280mln respectively.
For 2024, meanwhile, SSP added it was “increasingly confident” revenues will rise to between £3.2-3.4bn with profits in the region of £325mln -375mln.
Patrick Coveney, chief executive, said: “The strongest regional revenue performance continues to be in North America, reflecting both the growth in domestic air travel as well as the scale of our net gains in the region.”
SSP announced the update as part of an investor day in the US and going forward Coveney said that its businesses there and in Europe outside of the UK would be its focus.
“Stronger sales growth resulting from our pivot to structurally higher growth markets (principally N. America and Asia Pacific) and an increasing level of investment in net new contract wins in these regions”
SSP added it also expects to reinstate the ordinary dividend with a target payout ratio of c30-40% and surplus cash to be returned to shareholders.
Shares eased to 255.6p.