The global travel concession operator achieved 22% year-on-year sales growth in the first eight weeks of its new financial year after posting £3bn ($3.8bn) annual sales for 2023
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A licensed Pret A Manger store at Zurich Airport, Switzerland | SSP Group
SSP Group has reported sustained strong trading across its key markets following robust full-year sales in 2023.
The global travel concession operator reported 22% year-on-year sales growth across its key markets in the eight weeks ended 26 November 2023 amid sustained airport passenger growth. Sales in North America grew 33% during the period, with year-on-year revenues increasing 29% and 14% in Asia Pacific and Europe and the Middle East respectively.
SSP Group posted annual sales of £3bn ($3.8bn) in the 12 months ended 30 September 2023, a 38% increase on the previous year.
SSP Group said a steady recovery in passenger numbers boosted revenues across North America, Asia Pacific, Europe and the Middle East, with strong profit conversion in those markets also contributing to a 97% rise in EBITDA to £280m ($353m).
The business, which operates 2,900 food and beverage outlets in travel hubs across 37 global markets, also highlighted its strengthened portfolio of partner brands as boosting its performance. This included launching Jones the Grocer in Singapore and scaling its licensed Pret A Manger and Starbucks footprint globally.
“This has been a year of strong financial, operational and strategic progress for SSP. We are continuing to lay the foundations for accelerated expansion in key growth markets such as North America and Asia Pacific. We are also making clear strides in enhancing our customer proposition, our digital capabilities and our sustainability initiatives. SSP is in very good shape, and we are excited by the opportunities in front of us,” said Patrick Coveney, CEO, SSP Group.
SSP Group’s full-year results indicate the business is on track to reach like-for-like revenue in line with 2019 levels by 2024. The goal was outlined by the travel concession operator in December 2021 following two years of falling sales and profits as Covid-19 severely impacted global travel.
London-based SSP Group forecasts year-on-year sales growth of up to 10% in 2024 amid a sustained recovery in passenger numbers and an expected rise in average passenger spend. Additionally, the business expects full-year revenues of £3.4-3.5bn ($4.3-4.4bn) this year.