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SSP reports like-for-like sales increase 3.0% in H1 2015 results

21st May 2015 - 09:33
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SSP reports like-for-like sales increase 3.0% in H1 2015 results
Abstract
Food travel experts, SSP has reported like-for-like sales are up 3% in the 6-month period ended 31st March 2015, following strong increases in the UK, North America and rest of the world.

The group reported revenue of £859.2m, up 2.6% on a constant currency basis, but down 0.8% on actual exchange rates.

Operating profit hit £25.2m, up 35.2% in constant currency and up 27.9% at actual exchange rates. Operating margins were up 0.6% to 2.9%.

The group are expecting a tougher comparative in the second half of the year in terms of margin improvement, principally because a number of the company’s efficiency initiatives were only at an early stage in the first half of 2014.

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.”

In the first half of 2015, the group strengthened its portfolio of brands and concepts, including Jamie Oliver Restaurant Group, James Martin Kitchen, Joe & The Juice and Pret a Manger.

Swann concluded: “The Group delivered a good performance in the first half of this financial year, with like-for-like sales in line with our plan and market trends, encouraging progress on margin and efficiency, and success with contract wins and securing important new brands.

“The second half of the financial year has started in line with our expectations, and the pipeline of new business opportunities is positive. Whilst a degree of uncertainty always exists around passenger numbers in the short-term, we are well positioned to benefit from the underlying positive trends in our markets.”
 

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PSC Team