Business
Final Results
Final Results.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9505U\n SSP Group PLC\n 08 December 2021\n \n \n \n \n LEI:213800QGNIWTXFMENJ24\n \n \n \n \n \n 08 December 2021\n \n \n SSP GROUP PLC \n \n \n Results for year ended 30 September 2021\n \n \n \n \n SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, announces its financial results for the year ended 30 September 2021. SSP has delivered a resilient performance in a very challenging market, materially strengthening its balance sheet and continuing to demonstrate tight control over its operating costs and cash usage, and is in a strong position to benefit from the expected recovery of the travel market over the medium term. \n \n Financial Overview\n \n \n ● \n Revenue of £834.2m: down 41.8% vs 2020 and 70.1% vs 2019. \n \n \n ● \n Operating loss of £309.2m on a reported basis under IFRS 16, including credit for non-underlying net operating costs of £14.1m (2020: £363.9m operating loss including charge for non-underlying items of £48.5m). On a pre-IFRS16 basis3, the underlying operating loss4 was £209.0m (2020: £211.7m loss).\n \n \n ● \n Loss before tax of £411.2m on a reported basis under IFRS 16 (2020: £425.8m loss). On a pre-IFRS 16 basis3, the underlying loss before tax4 was £251.0m (2020: £239.6m loss). \n \n \n ● \n Basic loss per share of 51.3 pence on a reported basis under IFRS 16 (2020: basic loss per share of 66.2 pence). On a pre-IFRS 16 basis3, underlying basic loss per share4 of 31.9 pence (2020: underlying basic loss per share of 39.5 pence).5\n \n \n ● \n Net debt was £1,480.4m, which includes lease liabilities of £1,172.8m (2020: £2,040.6m, including lease liabilities of £1,349.3m). On a pre-IFRS 16 basis3, net debt was £308.0m, down from £692.0m at 30 September 2020.\n \n \n ● \n Financial position strengthened significantly following the Rights Issue in April 2021, including the extension of our main bank facilities until January 2024 and the waiver and amendment of covenants for both the main bank facilities and US private placement notes.\n \n \n ● \n Liquidity position strong, with cash and undrawn committed facilities of approximately £935m at the end of September 2021 (including £300m from the Covid Corporate Financing Facility (\"CCFF\") due to be repaid in February 2022).\n \n \n \n \n \n Business Highlight...