Last checked at 10 Feb 2021 17:48
LEI: 213800QGNIWTXFMENJ24
For immediate release
10 February 2021
SSP Group plc
Response to Press Speculation
SSP Group plc ("SSP", the "the Group") notes the recent press speculation regarding its draw down on the Bank of England CCFF and the possibility of the Group undertaking an equity raise.
As detailed in the Group's 2020 preliminary results announcement, released on 17 December 2020, SSP is strongly placed to capitalise on the recovery of the travel sector. Through significant management actions, the Group's liquidity position is strong, with cash and undrawn available facilities of around £520 million, as at 30 September 2020.
Included within this amount is £300 million from the Bank of England CCFF, which has been drawn down in full during February. The recent draw down is solely due to the scheme closing for further drawings from March 2021. As previously communicated, the CCFF commercial paper is repayable in February 2022. The Group noted in its preliminary results that its current monthly cash burn rate was approximately £25 - 30 million, and it is expected to remain in this range during the second quarter, which ends 31 March 2021.
Whilst SSP is confident in the medium-term recovery of the travel market, there remains significant uncertainty with regard to COVID-19 and associated travel restrictions. In that context, the Group continues to evaluate the merits of a range of funding options, both debt and equity, that would further strengthen its balance sheet.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is being released on behalf of SSP by Helen Byrne, General Counsel and Company Secretary.
CONTACTS:
Investor and analyst enquiries Sarah John, Director of Corporate Affairs
| Tel: +44 (0) 203 714 5251 Email: sarah.john@ssp-intl.com |
Media enquiries Peter Ogden / Lisa Kavanagh Powerscourt
| Tel: +44 (0) 207 250 1446 E-mail: ssp@powerscourt-group.com
|
NOTES TO EDITORS
About SSP
SSP is a leading operator of food and beverage concessions in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. Prior to the onset of Covid-19, we served around one and a half million customers every day at approximately 180 airports and 300 rail stations in 35 countries around the world and operated more than 550 international, national and local brands across our c. 2,700 units.
www.foodtravelexperts.com