14th Jul 2021 12:48
SSP Group PLC - London-based operator of food outlets such as Upper Crust in travel locations - Chief Executive Officer Simon Smith will leave at the end of 2021 to take up a new role at a "private equity backed business". SSP says it now will search for a replacement.
Company adds that current trading is in line with expectations, with a recovery in demand, led by domestic and leisure travel, particularly in North America. Third quarter sales were at 27% of 2019 levels, while the most recent week was at 42%. SSP says its outlook for the rest of its financial year is unchanged.
Back in June, SSP said its half-year loss widened to GBP299.7 million from GBP34.3 million a year ago, as revenue slumped 79% to GBP256.7 million.
"Throughout the past 16 months, Simon and our executive team have done an excellent job in steering SSP through the enormous challenges presented by the pandemic," says Chair Mike Clasper.
Smith had stepped up to group CEO from CEO for UK & Ireland only two years ago, in June 2019.
Current stock price: 254.14 pence, down 3.9% on Wednesday
Year-to-date change: down 7.5%
By Tom Waite; [email protected]
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