SSP Group (SSPG) Trading Update summary

Trading performance

• Group sales rose 14% year-on-year in Q1 2025 on a constant currency basis, with like-for-like sales up 6%, net contract gains of 5%, and acquisitions contributing 5%.

• North America saw 17% sales growth, driven by strong performance and recent acquisitions; APAC & EEME sales surged 41%, offsetting a 10% impact from the deconsolidation of the Indian JV.

• UK sales increased 9%, supported by robust air passenger numbers and fewer rail strikes; Continental Europe grew 5% despite the exit of unprofitable German sites.

• The company continues to benefit from structural growth in global travel, with all regions showing positive momentum.

Outlook and guidance

• Full-year guidance remains unchanged, with revenue expected at £3.7–3.8bn, operating profit at £230–260m, and EPS at 11.5–13.5p, all on a constant currency basis.

• Currency fluctuations could reduce revenue by 0.2% and operating profit by 0.7% if current rates persist.

• Operating profit split between H1 and H2 is anticipated to mirror FY24.

• CEO highlights focus on returns from investments and efficiency improvements, especially in high-growth regions.

Strategic initiatives and events

• The planned IPO of the Indian joint venture, Travel Food Services, is progressing and targeted for Spring 2025.

• Further exits from unprofitable German sites are expected as part of the regional recovery plan.

• The 2025 half-year results will be announced on 20 May 2025.

• Sustainability remains a key focus, aiming for positive business impact and sector leadership.