SSP Group PLC

Latest Results (18.01.2026):

SSP Group plc — HY 2025 (half year ended 31 March 2025, covering Q1 and Q2 2025): revenue and underlying profitability were in line with expectations and the Group has maintained full‑year guidance. First‑half revenue was £1,661m (up 9% at actual FX, 12% constant FX) with underlying pre‑IFRS16 operating profit of £45m (up 20% actual, 31% constant). Statutory IFRS results were hit by non‑underlying charges (IT transformation and impairments), producing an IFRS operating profit of £15m and an IFRS loss per share of 7.7p. Management affirmed FY25 guidance and announced accelerated cost, capital‑discipline and Continental Europe turnaround plans.

Headline financials

Revenue £1,661m (+9% actual, +12% constant); underlying EBITDA £114m; underlying pre‑IFRS16 operating profit £45m (margin 2.7%, +20bp actual / +40bp constant); interim dividend 1.4p (up 0.2p).

Statutory vs underlying impact

IFRS operating profit £15m (down 74% YoY) and statutory loss per share 7.7p, driven by a net non‑underlying charge of c.£52.5m (impairments — primarily France & Italy — and the reclassification/charges on IT transformation costs).

Cash, debt and capital

H1 free cash outflow £(161)m (improved from £(240)m prior year). Pre‑IFRS16 net debt £764m (leverage ~2.2x pre‑IFRS16); IFRS net debt £1,907m. Management expects strong H2 cash generation to bring leverage toward the lower end of the 1.5–2.0x target and is open to share buybacks later in the calendar year.

Guidance and outlook

Full‑year guidance maintained: revenue c.£3.7–3.8bn, underlying pre‑IFRS16 operating profit £230–260m and EPS 11.5–13.5p (constant currency). If current FX persists, expected FY EPS ~11–13p. Group LFL sales +5% in first six weeks of H2.

Regional performance highlights

North America: sales +13% (net gains & acquisitions strong) but margin pressure (down ~90bps YoY). Continental Europe: sales +3% and operating‑margin improvement targeted (from c.1.5% FY24 → c.3% FY25, medium‑term c.5%) with an active turnaround program in France and Germany. UK: sales +9% with LFL +8% and margin improvement ~120bps. APAC & EEME: sales +38% (LFL +13%, acquisitions strong); margin 11.8% but down YoY due mainly to deconsolidation of AAHL JV in India.

Cost and capital discipline actions

Accelerated programme to cut group overheads, tighten capex and improve returns: FY25 capex now planned <£230m, FY26 <£200m. Measures include gross‑margin optimisation, labour productivity tools, menu standardisation and selective contract exits (e.g., staged German MSA exit).

Corporate/strategic items

TFS (India) IPO has received 'in principle' SEBI clearance with marketing underway and a targeted completion this summer; SSP plans a small share purchase in TFS to maintain control. Recent acquisitions are trading in line with or ahead of expectations.

Investor takeaway

Underlying trading is resilient with clear H2 cash conversion expected; however, statutory earnings are depressed by one‑off impairments and IT accounting adjustments. Management is focused on Continental Europe recovery, cost cuts and capital discipline while keeping FY25 guidance unchanged. Summarized from source with an LLMView Source