SSP Group announces results for first half of its 2016 financial year

LONDON, 2016-May-23 — /EPR Retail News/ — SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, announces its results for the first half of its 2016 financial year, covering the six months ended 31 March 2016.

Highlights:

• Strong results with good progress on last year
• Operating profit1 of £30.9m: up 28.0% at constant currency, and 22.6% at actual exchange rates
• Like-for-like sales up 3.3%*: driven by growth in air passenger travel and retailing initiatives
• Net gains of 2.0%: strong performances in North America and the Rest of the World
• Revenue of £897m: up 5.9% at constant currency; 4.4% at actual exchange rates
• Operating margin1 up 50 basis points to 3.4%: strategic initiatives delivering further improvements
• Earnings per share1 of 3.0 pence, up 43%
• Interim dividend of 2.5 pence per share, up 19%
• Brand and concept portfolio further strengthened
• Encouraging pipeline of new contracts

Commenting on the results, Kate Swann, CEO of SSP Group, said:

“SSP has made further good progress in the first half of 2016 and we continue to deliver our strategic initiatives. Constant currency operating profit was up 28% driven by good like-for-like sales growth in our existing business, new contract openings, which are building our presence across the world, and further operational improvements. I am particularly encouraged by the pace of development in our North America and Asia Pacific operations.

Looking forward, the second half has started in line with our expectations. Whilst a degree of uncertainty always exists around passenger numbers in the short term, we are well placed to benefit from the structural growth opportunities in our markets and to create further shareholder value.”

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