- SSP Group forecast operating profit of about £230m
- Figure below analyst expectations of £239m
- England and Ireland fourth quarter sales rose 9pc
- Full-year revenue expected to reach £3.8bn
- Company announced £50m share buyback programme
SSP Group has forecast annual operating profit of about £230m. The figure falls slightly below previous analyst expectations of £239m. Subdued summer travel in North America and the impact of the Middle East conflict on passenger volumes outweighed stronger performance in England and Ireland.
Fourth quarter like-for-like sales rose 9pc in England and Ireland. North American like-for-like sales rose 2pc. Total full-year revenue is expected to reach £3.8bn, a 5pc year-on-year increase. Earnings per share are on track to rise 18pc year-on-year to roughly 14.0p. The company announced a new £50m share buyback programme. Shares fell 7pc after the update.
Chief executive Patrick Coveney shared the diversified portfolio positions the group to meet earnings expectations. The company operates brands including Upper Crust and Caffè Ritazza at airports and stations. Geopolitical tensions resulted in a contraction in passenger volumes across APAC and EEME regions. Lower-than-planned minority interest and tax charges supported earnings per share growth
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