Business
Results for six months period ended 31 March 2021
Results for six months period ended 31 March 2021.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2390B\n SSP Group PLC\n 09 June 2021\n \n \n \n \n \nLEI:213800QGNIWTXFMENJ24\n \n \n \n \n \n 9th June 2021\n \n \n SSP GROUP PLC \n \n \n Results for six months period ended 31 March 2021\n \n Resilient performance in a challenging market\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 2021 financial year, covering the six months ended 31 March 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 £256.7m: down 78.8% at constant currency1; down 78.9% at actual exchange rates.\n \n \n ● \n Like-for-like sales2 down 79.0%: heavily impacted by Covid-19, with material reductions in passenger numbers seen across all travel markets.\n \n \n ● \n Operating loss of £219.9m on a reported basis under IFRS 16, including credit for non-underlying items of £6.7m (2020: £6.7m operating loss including charge for non-underlying items of £0.9m). On a pre-IFRS 16 basis3, the underlying operating loss4 was £160.7m (2020: £1.3m profit).\n \n \n ● \n Loss before tax of £299.7m on a reported basis under IFRS 16 (2020: £34.3m loss). On a pre-IFRS 16 basis3, the underlying loss before tax4 was £182.0m (2020: £10.7m loss). \n \n \n ● \n Basic loss per share of 48.6 pence on a reported basis under IFRS 16 (2020: Basic loss per share of 8.0 pence). On a pre-IFRS 16 basis3, underlying basic loss per share4 of 30.0 pence (2020: underlying basic loss per share of 4.0 pence). \n \n \n ● \n Net debt was £2,033.9m, which includes lease liabilities of £1,194.8m. On a pre-IFRS 16 basis3, net debt was £839.6m, up from £692.0m at 30 September 2020. Including the net proceeds of the recently completed Rights Issue, pro forma net debt would have been £388.8m, on a pre-IFRS 16 basis at the end of March 2021. \n \n \n ● \n Financial position now strengthened significantly following the Rights Issue in April 2021, alongside the extension of our main bank facilities until January 2024 and the waiver and amendment of...