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SSP Group (SSPG) investor relations material
SSP Group Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Q4 and Full-Year Financial Performance
Q4 sales grew 4% year on year on a constant currency basis, with like-for-like sales up 2% and net contract gains of 3%.
Full-year revenue reached approximately £3.7bn, up 8% year on year, with operating profit expected at £230m, an 11% increase, and operating margin at 6.2%.
Earnings per share for the year expected at 11.5p at actual exchange rates (up 15% YoY) and 12.3p on a constant currency basis, in line with market expectations.
Group return on capital anticipated to strengthen from last year's 17.7%.
Leverage (Net Debt/EBITDA) expected to reduce to about 1.6x, driven by strong free cash flow and disciplined capital investment.
Regional and Operational Highlights
North America saw 4% sales growth, now present in 56 airports, with strong profit and margin performance despite a 2% like-for-like decline.
UK and Ireland sales rose 7%, led by strong rail channel performance and M&S partnership recovery post-cyber incident.
Asia Pacific & Middle East sales increased 12%, with strong growth in Australia and Malaysia, partially offset by weaker performance in India and the Middle East.
Continental Europe sales declined 3%, impacted by exits and weak demand, especially in France and Germany.
Exit from unprofitable units in Germany and Italy to improve regional returns.
Strategic Initiatives and Capital Allocation
£100m share buyback announced and launched, reflecting strong cash generation and confidence in future outlook.
Capital investment for FY26 planned at less than £200m, with focus on higher-return regions and reduced investment in Continental Europe.
Recent acquisitions in the US, Australia, and Indonesia are performing above expectations, with IRRs above 20%.
Performance improvement initiatives for 2026 include profitable sales growth, cost efficiencies, and enhanced free cash generation.
Group-wide overhead cost reduction program implemented in H2 FY25 will support progress in FY26.
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