SSP Group (SSPG) Trading Update summary

Group trading performance

• Q3 sales grew 6% year-on-year at constant currency, with like-for-like sales up 3%, net contract gains of 4%, and 1% from acquisitions.

• Sales growth was impacted by a 2% reduction from the exit of the German Motorway Services business and deconsolidation of the AAHL joint venture in India.

• Like-for-like sales growth was 5% in the first six weeks of Q3, moderating to 1% in the last seven weeks, but improved to around 3% in early Q4.

Regional performance

• North America saw 5% sales growth, driven by net gains, but like-for-like sales declined 2% due to lower passenger numbers after recent geopolitical events.

• Continental Europe sales were flat, with 1% like-for-like growth and a 2% negative impact from exiting unprofitable German units.

• UK sales rose 7%, supported by strong early quarter trading and recovery from M&S systems issues.

• APAC & EEME sales increased 16%, with 9% like-for-like growth, though sales softened late in the quarter due to geopolitical tensions and air safety incidents.

Guidance and outlook

• Trading at the start of Q4 improved, keeping results on track to meet full-year planning assumptions at constant currency.

• Full-year revenue is expected in the range of £3.7–3.8bn, with underlying pre-IFRS 16 operating profit of £230–260m and EPS of 11.5–13.5p.

• Currency impact, if current rates persist, would reduce revenue by 1.8% and operating profit by 4.4%, affecting only translation.