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SSP Group sees revenue rise by 10% for third quarter

Group-wide the company said it expects to see like-for-like sales growth of around 2% for the full year.

airport passengers
Airport business supported third quarter revenue

SSP Group Plc (LON:SSPG) told investors that group revenue rose by 10.3% in a third quarter update, with airport food outlets outperforming those at railway stations.

UK like-for-like sales growth was described as ‘in line with expectations’. In continental Europe, the group’s operations were held back by slower growth in passenger numbers across Nordic countries as well as redevelopment activities.

In North America, meanwhile, the company noted impacts from the grounding of Boeing MAX 737 aircraft which has led to passengers taking filghts from alternative terminals. Elsewhere, the company reported a good performance in Egypt and the Middle East that was slightly offset by a reduction in India and slower growth in China.

Group-wide the company said it expects to see like-for-like sales growth of around 2% for the full year.

“Looking forward to the full year, our expectations remain unchanged and whilst a degree of uncertainty always exists around passenger numbers in the short term, we continue to benefit from the structural growth opportunities in our markets and to create further shareholder value,” SSP said.

The company noted it expects to release full year results, for the twelve months ending 30 September, on Wednesday 20 November.

Shares rose 1.2% to 688p in morning trading. 

Quick facts: SSP Group plc

Price: 637 GBX

LSE:SSPG
Market: LSE
Market Cap: £2.85 billion
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