Business
Results for six month period ended 31 March 2023
Results for six month period ended 31 March 2023.
About this update from Ssp Group Plc
[{"type":"text","content":"\n\n\n\nLEI:213800QGNIWTXFMENJ24\n \n23 May 2023\nSSP GROUP PLC\nResults for six month period ended 31 March 2023\nStrong performance in a recovering market; significant opportunity to drive long-term growth and returns\nSSP Group, a leading operator of restaurants, bars, cafes and other food and beverage outlets in travel locations across 36 countries, announces its financial results for the first half of its 2023 financial year, covering the six months ended 31 March 2023. We have delivered a strong performance, as the global travel market has continued to recover. We are making good progress on our strategic priorities, putting us in an even stronger position to benefit from the long-term structural growth in the industry.\nFinancial highlights:\n· Revenue of £1,318.4m (2022: £803.2m), up 64.1% vs last year and at 104% of 2019 levels, underpinned by the continued recovery in passenger travel volumes\n· Underlying1 EBITDA2 of £90.5m, on a pre-IFRS 16 basis3 (2022: £14.7m). Underlying operating profit1 of £34.4m, on a pre-IFRS 16 basis3 (2022: loss of £36.4m)\n· On a reported basis (under IFRS 16) operating profit of £48.6m, including charge for non-underlying items of £3.8m (2022: £26.0m profit, including credit for non-underlying items of £78.6m)\n· Profit before tax of £15.8m, on a reported basis under IFRS 16 (2022: loss of £2.3m). On a pre-IFRS 16 basis3, underlying profit1 before tax of £22.8m (2022: loss of £55.3m)\n· Basic loss per share of 1.3 pence on a reported basis under IFRS 16 (2022: 4.1 pence). On a pre-IFRS 16 basis3, underlying basic loss per share1 of 0.8 pence (2022: 8.4 pence)\n· Free cash outflow of £118.1m (2022: outflow of £30.9m), after £94.3m capital investment to support contract renewals and the mobilisation of the new unit pipeline4\n· Net debt5 of £1,200.8m, which includes lease liabilities of £808.7m. On a pre-IFRS 16 basis3, net debt5 of £392.1m, up from £296.5m at 30 September 2022 with leverage (Net debt: LTM EBITDA, on a pre-IFRS 16 basis) of 1.8x\n· Liquidity position strong, with cash and undrawn committed facilities of £516.7m6 at the end of March 2023\n\nBusiness Highlights\n \n· First half revenue at 104% of 2019 levels, underpinned by the continue...