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European travel boom boosts SSP Group’s third quarter

The travel food and beverage operator says revenues are continuing to rebound following the pandemic with an uplift in domestic and leisure travel in Continental Europe helping the company near pre-pandemic sales

SSP Group revenues for the first nine months of its financial year have now reached 72% of 2019 levels | Photo credit: SSP Group


 

SSP Group has cited increased domestic and leisure travel in Continental Europe and North America as delivering strong third quarter revenues, which reached 87% of pre-pandemic levels.
 

Reporting on the period from 1 April to 30 June 2022, SSP Group’s results represent a 222% rise on the same three months in 2021


SSP Group operates its own café brands, Caffè Ritazza, Camden Food Co., Soul + Grain and Upper Crust, at airports and rail stations internationally. The company also operates licensed brands of Starbucks, Burger King and YO! Sushi. 


The travel food and beverage operator said that a recovery in leisure travel is particularly evident in Continental Europe and North America, where third quarter sales averaged 93% and 91% of 2019 sales respectively. 


In the UK, sales averaged 82% for the quarter, driven by a further resurgence in air travel, although SSP Group expressed concern over recent airport disruption in the UK where thousands of summer flights have been cancelled due to staff shortages. 


Sales in China and Hong Kong remain low due to fresh Covid-19 travel restrictions limiting passenger footfall. 


Total SSP Group revenues for the first nine months of its financial year have now reached 72% of 2019 levels, rising 8% since the start of April 2022. 


The company states that it is well placed to benefit from the continued recovery of international travel but highlighted several potential headwinds, including flight disruption, rising costs, staff shortages and supply chain challenges, that could impede the group’s fourth quarter revenue. 


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