SSP Group PLC

Latest Results (16.04.2026):

SSP Group PLC — Half year results for the period ended 31 March 2025 (H1 2025, covering Q1–Q2 2025): Revenue was £1,661m (up 9% at actual FX / 12% constant FX) with like-for-like sales +5%. Underlying pre‑IFRS16 EBITDA was £114m and underlying pre‑IFRS16 operating profit was £45m (up 20% at actual FX / 31% constant FX). Reported IFRS operating profit was £15m and an IFRS loss per share of 7.7p, driven by non‑underlying charges (c.£52.5m) including impairments and IT transformation costs. Free cash outflow was £(161)m (improved vs prior year) and pre‑IFRS16 net debt was £764m (leverage 2.2x). The Board declared an interim dividend of 1.4p and maintained full‑year guidance.

Revenue, LFL and margin progress

Group revenue £1,661m (+9% actual / +12% constant). Like‑for‑like sales +5% in H1 and +5% in the first six weeks of H2. Underlying operating margin on a pre‑IFRS16 basis improved to 2.7% (40bps accretion on a constant currency basis).

Underlying vs IFRS results and exceptional items

Underlying pre‑IFRS16 operating profit £45m (H1 2024: £38m). Reported IFRS operating profit fell to £15m due to c.£52.5m of non‑underlying charges: impairments (~£24.5m, mainly France and Italy) and IT transformation costs (c.£27m of brought‑forward/current charges), plus smaller items.

Cash, debt and dividend

Free cash outflow £(161)m (H1 2024: £(240)m); H1 capex £130m. Pre‑IFRS16 net debt £764m (seasonally higher; leverage 2.2x). Management expects second‑half cash generation to reduce leverage toward the 1.5–2.0x target and will consider buybacks later in the year. Interim dividend raised to 1.4p.

Regional snapshot

UK: strong — revenue £424.6m, LFL +8% and margin +120bps. North America: revenue growth (const. +13%) but weaker recent passenger trends and margin pressure. Continental Europe: revenue modestly up but still loss‑making (H1 underlying loss), with a targeted turnaround to c.3% margin in FY25 and c.5% medium term. APAC & EEME: strong revenue growth (const. +38%), helped by acquisitions and LFL +13%, though margins affected by structural changes (e.g., deconsolidation of India JV).

Guidance and outlook

Full‑year guidance maintained: revenue £3.7–3.8bn, underlying pre‑IFRS16 operating profit £230–260m and EPS 11.5–13.5p (constant currency). If current FX rates persist, group EPS would be c.11–13p. Management flags heightened macro/geopolitical uncertainty (notably North America) but remains on track to deliver the plan.

Cost, capital and returns agenda

Management is accelerating cost‑reduction and overhead simplification programmes, tightening capex (FY25 now planned <£230m; FY26 <£200m) and prioritising returns (target net gains c.2–4% p.a.). ROCE target c.20% by FY27 and a dividend payout range of c.30–40%.

India IPO and disposals

Planned IPO of Travel Food Services (TFS) in India has received ‘in principle’ regulator clearance and is targeted to complete in the summer; SSP plans a small share purchase to maintain control on IPO pricing. Management is also progressing exit/closure actions (e.g., staged German MSA exit) as part of the Continental Europe restructure.