SSP Group’s revenues have steadily improved in 2022 with the UK-based travel food and beverage operator anticipating higher-than-expected sales for the year
SSP Group's full 2022 results are scheduled to be released in December 2022 | Photo credit: SSP Group
SSP Group expects to return to pre-pandemic trading levels by 2024 after anticipating sales of £2.17bn ($2.3bn) for its full 2022 financial year.
Announcing a trading update for the fourth quarter ending 30 September 2022, the travel food and beverage operator said its projected revenues are ahead of its previous full year guidance of £2bn ($2.17bn).
Increased domestic and leisure travel around the world drove overall revenues to 91% of pre-pandemic levels, with sales in Continental Europe and North America expected to reach 95% of 2019 levels, SSP said.
Trading in the UK and other international markets remained lower over the period, at 86% of 2019 revenues, following rail strikes and summer airport disruption in the UK and reduced travel in China and Hong Kong due to pandemic restrictions.
The anticipated results indicate the business is on track to reach like-for-like revenue in line with 2019 levels by 2024, as first stated by SSP Group in December 2021.
“Passenger numbers are rebounding across the global travel sector and – thanks to the commitment and hard work of our colleagues and support from our clients and brand partners – our trading has now recovered to near 2019 levels. With a strong client and customer proposition, we are winning new business across the world and continue to have a high success rate in renewing contracts. As we look forward in this challenging macroeconomic environment, we remain confident in the ongoing resilience of the Group’s business model and continue to see significant potential for both near and long-term growth,” said Patrick Coveney, CEO, SSP Group.
The company’s full 2022 results are scheduled to be released in December 2022.
SSP Group operates its own café brands, such as Caffè Ritazza, Upper Crust and Camden Food Co., alongside licensed brands including Starbucks, Pret A Manger and Burger King.
In June 2022 SSP launched its first Soul + Grain store in the UK, before expanding the concept to Australia the following month. The travel food and beverage operator also added food-to-go and coffee chain Greggs to its UK franchise portfolio in August 2022.