Business
Trading Update
Trading Update.
About this update from Ssp Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16 February 2023 \n \n LEI:213800QGNIWTXFMENJ24\n \n \n \n Trading Update\n \n \n \n \n \"The sustained recovery in global passenger demand\n \n \n and the mobilisation of our significant new\n \n \n \n \n contract pipeline leaves SSP\n \n \n well-positioned to deliver strong growth over the medium term\"\n \n \n \n SSP Group plc (\"SSP\" or \"the Group\"), a leading operator of food and beverage outlets in travel locations worldwide, issues a Trading Update for the first four months of its 2023 financial year, covering the period from 1 October 2022 to 31 January 2023.\n \n \n The new financial year has started well with Group sales of £871m representing a strengthening of performance to 103% of 2019 levels and with revenues tracking above 2019 levels in North America, Continental Europe and the Rest of the World. This revenue performance includes the benefit from net contract gains\n as\n we accelerate the mobilisation of our significant pipeline, in addition to\n price increases compared to the same period in 2019.\n \n \n The encouraging revenue performance has been driven by a further recovery in passenger numbers, led by strong leisure travel demand over the extended holiday season. This momentum continued through the autumn and into the winter, demonstrating a\n resilience to the broader pressures on consumer spending.\n Business and commuter travel also continued to recover, albeit at a slower pace.\n \n \n We have continued to make progress extending\n and renewing contracts as well as winning new business, including in North America as well as in India, Malaysia and Thailand, to augment our strong pipeline. Approximately two thirds of sales from net new business openings in our secured pipeline are expected to come from the North America and Rest of World regions.\n \n \n \n Regional Performance\n \n \n \n In North America, the strong revenue growth reflected the ongoing recovery in domestic air travel, despite the impact of flight cancellations and weather-related disruption in December and January. The performance included a significant contribution from net contract gains, as we continue to grow our business in conjunction with our joint venture partners. In Continental Europe, most markets per...