9th Oct 2026 10:51
(Alliance News) - SSP Group PLC on Friday reported subdued passenger numbers in parts of its international business but claimed it remained on track to deliver full-year earnings per share in line with market expectations.
The London-based travel food and beverage operator, which owns Upper Crust and Millie's Cookies, said revenue for the financial year ended September 30 was GBP3.80 billion, up 5% at constant exchange rates from GBP3.64 billion a year earlier.
SSP said it expects underlying operating profit below plan at GBP230.0 million, down about 14% from GBP269.1. The company attributed the shortfall mainly to subdued passenger numbers in North America during the summer.
Fourth-quarter like-for-like sales rose 4%, compared with 2% a year earlier. Sales rose 9% in the UK & Ireland, up from 6% a year earlier, and 3% in Continental Europe, up from 1%.
In North America, like-for-like sales swung to 2%, from negative 2%. Across Asia Pacific, the Eastern Mediterranean, and the Gulf, like-for-like sales rose 1%, down from 6% a year earlier. Sales were flat in Asia Pacific, rose 5% in the Eastern Mediterranean, and fell 10% in the Gulf, with the company referencing a "significant contraction" in flights across the two regions since the outbreak of the Middle East conflict in February.
SSP expects full-year earnings per share of 14.0 pence, up about 18% from 11.9p in financial 2025. The expected result falls within its guidance range and aligns with market expectations.
Free cash flow after interest is expected to total about GBP70 million. SSP expects underlying cash generation to improve by about GBP140 million to about GBP150 million year-on-year, before the use of supply chain financing.
Chief Executive Patrick Coveney said: "Despite the significant impact of the Middle East conflict on passenger volumes in APAC & EEME, the strength and diversification of our portfolio leaves us well-positioned to deliver group earnings per share for the year in line with current market expectations."
SSP said it was making progress in improving performance in France and Germany. Continental Europe's operating margin is expected to rise to about 3.0% in financial 2026 from 2.2% a year earlier.
SSP said it would launch a new share buyback programme of up to GBP50.0 million on Monday, October 12. The programme follows a GBP100 million buyback launched in October 2025.
Under the new programme, Panmure Liberum Ltd is authorised to buy up to 24,141,969 shares on SSP's behalf, subject to any purchases made before the programme begins.
SSP concluded that it entered the new financial year with confidence.
Shares in SSP were down 4.2% at 180.20 pence on Friday morning in London.
By Niall Holden, Alliance News reporter
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