SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, has announced its results for the first half of its 2015 financial year, covering the six months ended 31 March 2015.
Commenting on the results, Kate Swann, CEO of SSP Group, said:
“We delivered a good performance in the first half of 2015 with profit up 28% and like-for-like sales growth of 3.0%. We have continued to successfully implement our strategy, and are encouraged by the significant contract wins we have secured so far this year.
“Our confidence in the future is supported by our increasing investment in the business and by the further strengthening of the portfolio of brands and concepts we offer to our clients. The second half of the financial year has started in line with our expectations, and whilst a degree of uncertainty always exists around passenger numbers in the short-term, we continue to be well positioned to benefit from the underlying positive trends in our markets.”
Highlights
- Like-for-like sales up 3.0%: strong increases in the UK, North America, Rest of the World
- Revenue of £859.2m: up 2.6% on a constant currency basis; down 0.8% at actual exchange rates
- Operating profit of £25.2m: up 35.2% in constant currency, and 27.9% at actual exchange rates
- Operating margin up 0.6% to 2.9%; tougher comparative in second half
- Increased investment in the business: capital expenditure up 19.2% to £39.8m
- Good progress on future development pipeline for the medium-term
- Brand and concept portfolio further strengthened: working with Jamie Oliver Restaurant Group; James Martin Kitchen opened; new brands include Joe & the Juice and Maan Coffee
- Maiden interim dividend of 2.1 pence per share, consistent with the policy stated at the IPO
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