SSP Group, the operator of food and beverage outlets in travel locations worldwide, has announced financial results for the year ended 30 September 2017, which show underlying operating profit of £162.9m: up 27% at constant currency, and 34.2% at actual exchange rates.
The company saw revenue of £2,379.1m: up 11.7% at constant currency, and 19.5% at actual exchange rates, and like-for-like sales up 3.1%: driven by growth in air passenger travel and retailing initiatives,
Underlying operating margin (excluding Indian joint venture, TFS) was up 50 basis points at constant currency to 6.5%: as the firm's strategic initiatives continue to deliver.
Underlying profit before tax stood at £148.7m: up 38.3%, and reported profit before tax of was £144.8m, up 37.1%.
Kate Swann, CEO of SSP Group, said, “SSP has delivered another good performance in 2017. Operating profit was up 27.0% at constant currency, driven by good like-for-like sales growth, substantial new contract openings and further operational improvements.
'We have grown our presence across the world, particularly in North America and Asia and we are pleased with the performance of our new business in India. We have invested significant capital in the business this year, our highest to date, and at the same time we are returning cash to shareholders.
'The new financial year 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.”