SSP Group, a leading operator of food and beverage outlets in travel locations worldwide, has announced its financial results for the first half of its 2017 financial year, covering the six months ended 31 March 2017.
Underlying operating profit stood at £42.8m, an increase of 24.7% at constant currency, and 38.5% at actual exchange rates.
The company has seen revenue of £1,073m, which is up by 8.1% at constant currency, and 19.6% at actual exchange rates. Like-for-like sales rose by 2.9% and was driven by air passenger travel and retail initiatives
The group's TFS joint venture added 2.4% to revenue and £3.7m to operating profit, resulting in a combined group operating margin of 4.0%.
For the period, underlying profit before tax stood at £34.7m, a rise of 49.6%, and reported profit before tax was £33m.
Kate Swann, CEO of SSP Group, said, “SSP has delivered another good performance in the first half of 2017 and we continue to make progress on our strategic initiatives. Constant currency operating profit was up 25% driven by good like-for-like sales growth and further operational improvements. We have had a particularly strong period of new contract openings, growing our presence across the world particularly in North America and the Asia Pacific region. The pipeline is robust and we are pleased with the new contracts won in the first half. Our Joint Venture in India has started well and we are encouraged by the progress we are making there.
“Looking forward, the second half has started in line with our expectations and whilst a degree of uncertainty always exists around passenger numbers in the short term, we continue to be well placed to benefit from the structural growth opportunities in our markets and our programme of operational improvements.”