Upper Crust owner sees drop in passengers in Middle East
Revenue rose 5% to £3.8 billion, but SSP said weaker passenger volumes in the Middle East and North America will trim full-year profit.
- On Friday, SSP Group reported annual revenues of £3.8 billion, a 5% increase, though the company warned operating profit will reach around £230 million due to lower passenger numbers.
- Strong trading over the peak summer period drove a 9% sales jump in the UK and Ireland during the fourth quarter, boosted by refurbished Marks and Spencer outlets.
- Passenger volumes dropped sharply in the Middle East, EEME, APAC, and the Gulf, while the company also reported more subdued traveller numbers across North America.
- CEO Patrick Coveney described the financial performance as "resilient" in a "challenging environment," noting that portfolio diversification helps navigate regional conflicts.
- Operating franchised outlets for Starbucks, Burger King, and The Breakfast Club, the company aims to deliver group earnings per share in line with market expectations.
12 Articles
12 Articles
Upper Crust owner SSP says tourism slowdown hitting profit
SSP, the owner of travel food outlets like Upper Crust, has warned it will take a hit to its profit after the Iran war caused a “significant contraction” in global tourism. The catering group, which also owns Millie’s Cookies and Caffè Ritazza, said the sharp drop in travel caused by the Middle East conflict has [...]
What SSP Group (SSPG) Said on Its Q4 Earnings Call
SSP Group (LON:SSPG) said fourth-quarter sales rose 4% on a constant-currency basis, supported by 4% like-for-like growth, as strong trading in the U.K. and Ireland helped offset passenger-volume disruption in parts of Asia and the Eastern Mediterranean. Group Chief Executive Patrick Coveney said t
Upper Crust owner sees sharp drop in passengers around Middle East travel hubs
SSP Group said its financial performance in recent months had been ‘resilient’ in a ‘challenging environment’.
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