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An odd strategy?
Possibly a special dividend for the long suffering shareholders
“ The Board recognises the importance of dividends and other capital returns to shareholders and, given current expectations, would anticipate the resumption of ordinary dividend payments, beginning with a final dividend payment in respect of the 2023 financial year.”
Hopefully helps the SP continue to recover.
Greggs opens first airport site in partnership with SSP: Food-to-go operator Greggs has opened its first airport site in partnership with UK-based transport hub foodservice specialist SSP Group. The outlet at Cardiff airport is on the first floor before the security check point.
From an industry news wire......
"SSP to open new sites in France as it strengthens partnerships with two bakery concepts: UK-based transport hub foodservice specialist SSP is opening new sites in France as it extends its partnership with two bakery concepts. La Croissanterie will be opening at three locations across Paris Metro from this month. Meanwhile, following success at Gare de Lyon, SSP will also open another two units with French pâtissier and chocolatier Pierre Hermé, at Gare du Nord and Gare de Lyon Part-Dieu. A Parisian luxury pastry shop owned by the brand’s eponymous French pastry chef, the sites will offer a selection of the brand’s signature macarons and chocolates. Gérard d'Onofrio, managing director SSP France, said: “A key strategic move for the company, our partnership with Pierre Hermé is part of our continuing drive to offer the broadest spectrum of brands. We are equally pleased with our ever-strengthening relationship with La Croissanterie, which has the dynamism as a brand to excel wherever it is located.”"
They do what they do well!
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=sspg.L
Says go SHORT
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=sspg.L
Really reassuring when a company is delivering against its plans in tough economic environment. If they realise their growth plans in US then happy days ahead.
purple patch deepening - closing in on £3 soon.
purple patch deeping - closing in on £3 soon.
seems that the purple patch is upon us with improving footfall at airports and the bolt on growth prospects coming to fruition.
Dividends must surely be mentioned in the next update.
guess it is not just UK or London centric as geogrpahic speads the risk.
As an FCA, opening outlets when demand returns may hit revenue short term, but as demand will return this year, next year and the foreeseeable I would focus on the opening outlets and footfall increasing (eventually) to right this ship.
Closed outlets reduce costs other than fixed costs and as there are several outlets SSPG in many locations a lot of the trade can be picked up with few outlets until demand returns.
Adding on weakness, but with prospects and dividends rising, keeping the locations keeps competitors out so SSPG is the only game in town.
If you are a shareholder, hop on train and wonder around Victoria or Waterloo stations where SSP have a number of high footfall prime sites. Footfall numbers have been pretty good in run up to Xmas, so sales should be pretty healthy, but they aren't. There aren't any queues because a 1/3 or more of the SSP shops are closed. Why? They can't get staff. It's a systemic problem.
SSP swings to profit as travel recovers
Tue, 6th Dec 2022 07:03
(Sharecast News) - Travel food outlet operator SSP Group swung to a full year profit as passenger numbers rebounded from the Covid pandemic during the summer and said the new financial year has started well with sales strengthening further to an average of 104% of 2019 levels in the first eight weeks.
The owner of the Upper Crust baguette chain reported a pre-tax profit of £25.2m compared with a £411.2m loss. Underlying core profits were £142m for the year to September 30, compared to a loss of £108.3m last year.
"The continued improvement in our trading performance in recent months has been encouraging and has been driven by a further recovery of passenger numbers. The recovery is being led by domestic and leisure travel across both the air and rail sectors, with business and commuter travel also recovering, albeit more slowly," the company said on Tueday.
"As we look ahead to our 2023 and 2024 financial years, based on the current pace of the recovery of the travel sector, we are planning for a recovery in passenger numbers to between 85% and 90% of 2019 levels in 2023, and between 90% and 95% in 2024."
SSP said revenues are expected to include the effect of accumulated inflation between 2019 and 2023 of around 12% and between 2019 and 2024 of 14%.
"In total, we are planning for revenues to be in the region of £2.9-3bn in 2023 and in the region of £3.2-3.4bn in 2024, with a corresponding EBITDA in the region of £250-£280m in 2023 and £325-£375m in 2024."
One for the Christmas stocking and adding on weakness. 2023 this share will start with a 3 figure
3 handle.
Have spent the last years adding and position for future and rewards will be soon reaped and dividend will resume at some point.
Dyor
time for action
https://www.marketbeat.com/instant-alerts/lon-sspg-a-buy-or-sell-right-now-2022-11/
on the march
but still 325 v 205 where we are now. Interesting.
davethehorse
you seem lonely on this BB - added this am as I concur - awaiting the dividend to be reinstated at some point surely not too much to ask.
Been busy beavering away deals and add ons so expect that to reward too further down the line.
Pushing on past 200p today, by results in Dec expect SP to be in the 220p to 250p region, after results announced 300p imo, sales are very good across all areas and close to pre covid now, 95% and growing by the day.
Some cracking updates from Easy Jet and IAG this week. Great passenger numbers, will translate to great numbers for SSPG too. Results in Dec, get in now as they won't be sub 200p afterwards, dyor etc