SSP Group, a leading operator of food and beverage outlets in travel locations, has announced strong financial results for the year ended 30 September 2024, with revenues reaching £3.4 billion, marking a 17 percent increase.
Operating profit rose by 32 percent to £206 million helped by strong core markets in the US and Europe and entry into additional markets, with new contracts in Saudi Arabia and New Zealand.
SSP said it remained optimistic about future growth as it continues to capitalise on increasing travel demand worldwide. Commenting on the results, Patrick Coveney, CEO of SSP Group, said: “We have delivered a strong second half performance and I would like to thank our colleagues, clients and brand partners around the world for all their support. “SSP has strong fundamentals and benefits from the global travel market’s sustained long-term growth trends. This was clearly visible in the FY24 performance in three of our four regional markets. However, Continental Europe performed below our expectations, which in turn impacted Group EPS and free cash flow. “As we reach the next phase of our evolution post-Covid and with strong underlying growth across the Group, our focus now is on driving greater value from a strengthened base. In Continental Europe, we are accelerating our profit recovery plan, in particular by building returns from the significant number of recently renewed and extended contracts. Across the wider group, our priorities remain on sharpening our performance culture to drive profitable growth and returns, so as to unlock the full potential of SSP. “I am excited about the prospects for our company and look to FY25 and beyond with confidence as we continue to see significant opportunities for SSP to drive compounding long-term growth and deliver shareholder returns.”
