SSP Group PLC

Latest Results (07.07.2026):

SSP Group PLC — Half Year / H1 2025 (covering Q1 & Q2, half year ended 31 March 2025): the group delivered solid top-line growth with H1 revenue of £1,661m (up 9% at actual FX; 12% constant currency) and improved underlying operating performance, while statutory results were materially affected by one-off non-underlying charges. Management has maintained full‑year guidance and accelerated cost, profitability and capital-discipline measures to strengthen margins and cash generation in H2 and beyond.

Headline financials

Underlying (pre-IFRS 16) revenue £1,661m (+9% actual; +12% constant). Underlying EBITDA £114m (+8% actual; +13% constant). Underlying pre‑IFRS 16 operating profit £45m (+20% actual; +31% constant) with operating margin 2.7% (c. +40bps on a constant basis).

Statutory / non‑underlying items

IFRS operating profit fell to £15m (down 74% YoY) and IFRS loss per share was 7.7p, driven by non‑underlying charges including impairments (notably France and Italy) and IT transformation costs. Management disclosed total non‑underlying operating charges of c.£52.5m in H1.

Cash, debt and leverage

Free cash outflow of £(161)m in H1 (improved from £(240)m prior year) reflecting seasonality and first‑half capex phasing. Pre‑IFRS 16 net debt £764m (leverage ~2.2x); IFRS net debt £1,907m including lease liabilities. Company expects strong H2 cash generation to push leverage toward the lower end of the 1.5–2.0x target by year end.

Divisional performance — quick take

North America: sales +13% (constant); margin pressured but improved after adjusting for prior Covid provisions. Continental Europe: sales +3% and margin up c.80bps, but performance requires turnaround—plan to move margin from ~1.5% in FY24 to ~3% in FY25 and ~5% medium‑term. UK: sales +9% with strong LFL (+8%) and margin expansion. APAC & EEME: sales +38% (acquisitions significant); underlying margin strong at 11.8% although impacted by the deconsolidation of the India JV.

Guidance and outlook

Full‑year guidance maintained: revenue c.£3.7–3.8bn, underlying pre‑IFRS 16 operating profit £230–260m and EPS 11.5–13.5p (constant currency). At current FX spot rates management flags EPS of c.11–13p. Group LFL sales early in H2 +5% (to 11 May 2025) with regional variability.

Capital allocation and cost actions

Accelerated programme to improve profitability and cash conversion: group‑wide overhead reductions, targeted turnaround in Continental Europe, tighter capex (planning <£230m FY25 and <£200m FY26) and deprioritised M&A near term. Stronger free cash flow expected in H2 may allow a share buyback consideration later in the calendar year.

Dividend and other items

Interim dividend increased to 1.4p per share (up 0.2p). Planned IPO of Travel Food Services (TFS) in India has received ‘in principle’ SEBI clearance and is targeted to complete in the summer; SSP plans a small additional purchase in TFS to maintain control and consolidation.