Business
COVID-19 Trading Update
COVID-19 Trading Update.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5162H\n SSP Group PLC\n 25 March 2020\n \n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n LEI:213800QGNIWTXFMENJ24\n \n \n For immediate release\n \n \n 25 March 2020\n \n \n SSP Group plc (\"SSP\")\n \n \n COVID-19 Trading Update, Financing Arrangements and Dividend Declaration\n \n \n \n \n \n SSP's immediate priority continues to be the health and safety of all of our colleagues and customers. Across the business, we have implemented a range of additional health and safety policies and protocols covering hygiene, travel and self-isolation periods, and issued regular guidance in order to keep people fully informed and as well protected as possible against infection.\n \n \n \n \n \n Current Trading\n \n \n \n \n \n In our recent update on 26 February 2020, we indicated that we had seen sharp declines in passenger numbers across the Asia Pacific regions (which account for approximately 8% of SSP's Group revenue) in February. Since that update, SSP has seen an unprecedented and rapidly escalating impact of the COVID-19 virus on the travel operating environment, particularly in airports. The widespread travel bans imposed by governments and airline capacity reductions across our core markets have severely impacted passenger numbers in the UK, Europe and North America, particularly in international travel. \n \n \n \n \n \n As a consequence, like-for-like revenues (based on the latest week) across the UK and continental Europe are currently running approximately 80% to 85% lower year-on-year (\"YOY\"), with the impact in the air market being greater than in rail. In North America, like-for-like revenues are approximately 80% lower YOY and in the Rest of World, which includes Asia Pacific, Eastern Europe, the Middle East, India and Brazil, like-for-like revenues are approximately 60% l...