SSP Group (SSPG) Trading Update summary

Group trading performance

• Q3 sales rose 16% year-on-year at constant currency, with like-for-like growth of 6%, net contract gains of 5%, and acquisitions contributing 5%.

• North America led with 27% sales growth, driven by acquisitions and strong leisure travel demand.

• UK & Ireland saw 12% sales growth, aided by increased air passenger numbers and fewer rail strikes.

• APAC & EEME regions posted 33% sales growth, supported by rising passenger numbers and the ARE acquisition.

• Nine-month group revenues increased 18% at constant currency, with 10% like-for-like growth.

Outlook and guidance

• Full-year guidance remains unchanged, with expectations aligned to previous interim results.

• Revenue is projected between £3.4–£3.5bn, underlying EBITDA £345–£375m, and operating profit £210–£235m (pre-IFRS 16, constant currency).

• Currency headwinds could reduce revenue by 2%, EBITDA by 3.6%, and operating profit by 4.6% if current rates persist.

• Well-positioned for peak summer trading, with planning assumptions intact.

Regulatory and operational updates

• ORR's final report on UK railway station catering market brings clarity, with no referral to the Competition and Markets Authority.

• SSP will continue collaborating with network operators to address ORR recommendations.

• The business operates over 600 locations in 37 countries, with a portfolio of more than 550 brands.