Business
Results for six months period ended 31 March 2020
Results for six months period ended 31 March 2020.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 7460O\n SSP Group PLC\n 03 June 2020\n \n \n \n \n LEI:213800QGNIWTXFMENJ24\n \n \n 03 June 2020\n \n \n SSP GROUP PLC \n \n \n Results for six months period ended 31 March 2020 \n \n \n SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, announces its financial results for the first half of its 2020 financial year, covering the six months ended 31 March 2020. \n \n \n First half overview\n \n \n Covid-19 had a significant impact on SSP's results for the first half of the current financial year. Prior to the onset of Covid-19, the Group had performed well and in line with expectations, delivering solid like-for-like sales growth and significant net contract gains, particularly in North America and Continental Europe. New contracts won during the first half, including those at Dublin, Cincinnati, Providence and Edmonton Airports, further strengthened our new business pipeline.\n \n \n As indicated in our February and March updates, we began to see a material impact on trading in our Asia Pacific region from the escalation of the virus in late January and throughout February, following which trading then deteriorated rapidly across the entire Group during March as the impact of the pandemic spread across the world. \n \n \n Financial highlights:\n \n \n \n Revenue of £1,214.6m: down 2.7% at constant currency2; 3.7% at actual exchange rates.\n \n \n Like-for-like sales3 down 8.4%: heavily impacted by Covid-19 and the closure of most of the global travel markets during March.\n \n \n Net gains4 of 5.7% driven by North America and Continental Europe.\n \n \n Operating loss of £6.7m on a reported basis under IFRS 16. On a pro forma IAS 17 basis, underlying operating profit1 was £1.3m (2019: £62.5m). \n \n \n Loss before tax of £34.3m on a reported basis under IFRS 16. On a pro forma IAS 17 basis, the underlying loss before tax was £10.7m (2019: profit of £54.2m). \n \n \n Basic loss per share of 8.0 pence on a reported basis under IFRS 16. On a pro forma IAS 17 basis, underlying basic loss per share5 of 4.0 pence (2019: underlying basic earnings per share of 6.7 pence). \n \n \n Net debt of £457.7m on a pro forma IAS 17 basis, down from £483.4m at 30 September 2019, after taking account of the cash impact of the £209.2m equity issue (net of fees paid) in late March.\n ...