SSP turns in positive performance

13 December, 2012

SSP, the specialist in food and drink operations in travel hubs, has reported a 10% growth in Ebitda to £139.1m.

Announced in its audited financial results for the year ended 30 September, the company, which operates such food-to-go brands as Millie’s Cookies, Caffè Ritazza  and Upper Crust, revealed a 3.2% sales increase to £1.74bn. The company also saw a 2.7% growth in like-for-like sales, which was attributed to strong performances in Asia-Pacific, the US and Scandinavia.

Other financial highlights for the year included an operating cash flow generation of £85.6m, compared to £55.4m in 2011m, and a £34m increase in net cashflow after interest to £41.4m.

Andrew Lynch, chief executive of SSP, said: “2012 has been another successful year for SSP, and I am pleased to report that we have delivered a strong trading performance, as we have continued to benefit from a broad geographic presence, an outstanding portfolio of brands, and the ongoing resilience of the core airport and railway travel markets in which we operate.

“Our contract retention rate has remained extremely high, and we continue to help some of the world’s biggest brands enter new markets, while keeping up the momentum in developing and rolling out our own brands across the world.”

SSP said it had retained 87% of its contract renewals during the period, representing an annual sales value of £168m, with key UK renewals made with Birmingham New Street and London Bridge railway stations.

In addition, the firm said it had continued its international roll-out of brands, including Caffè Ritazza, as well as food-to-go outlets Upper Crust and Camden Food.

Lynch added that the business continued to trade well and the current performancewas in line with its expectations: “Furthermore, we are confident that the underlying trends in our core markets will enable us to deliver further growth in sales and profits in 2013 and beyond.”





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