SSP Group backs annual outlook after "good start" to financial year

(Alliance News) - Upper Crust owner SSP Group PLC on Friday reported growth in first quarter sales and maintained its annual guidance.

The London-based operator of food and beverage outlets in travel locations said sales in the first quarter to December 31 rose 6% on-year. Like-for-like sales were 5% higher at constant currency.

"The positive trading momentum we saw in the first eight weeks of Q1 to 25 November, with like-for-like sales growth of 4%, has continued through the remainder of the quarter, with LFL sales growth of 5% for Q1 overall," SSP said.

North America sales were flat overall, but rose 1% on a constant currency like-for-like. Growth in Continental Europe was 6%, or 2% like-for-like, while UK & Ireland sales rose 8% on both a total and like-for-like basis.

In the Asia Pacific & Eastern Europe, Middle East segment, total sales shot up 14% and climbed 10% like-for-like.

Chief Executive Officer Patrick Coveney said: "We have made a good start to the financial year.

"We are on track against our 'Focus 26' operational plan with a range of programmes underway to deliver sustained improvements in profitability, cash and returns on capital. Given this momentum, we remain confident in our prospects for the balance of FY26 and beyond."

SSP still expects annual earnings per share towards the upper end of the 12.9 and 13.9 pence range, improving from 11.9p.

The company releases half-year results on May 19.

Shares in the company traded 1.6% higher at 198.20p each in London on Friday morning.

By Eric Cunha, Alliance News news editor

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