SSP eyes ‘pricing initiatives’ as inflation to persist in 2023
The group’s revenue averaged 72% of 2019 levels in a nine-month period.
SSP Group said they anticipate the high inflation to continue until next year but ensures it will mitigate its impacts through pricing initiatives.
“However, we are confident in our ability to manage these pressures through productivity and pricing initiatives and expect to mitigate the impact on profit, whilst sustaining the positive momentum in consumer demand,” said in its third quarter trading update.
It also admitted that it continues to face increasing inflationary pressures which adversely affect their supply chain, labour, and energy costs.
From 1 October 2021 to 30 June 2022, the group revenues averaged 72% of 2019 levels. Its recovery is driven by longer passenger dwell times and passenger numbers revival.
Sales in the third quarter averaged 93% of 2019 levels in Continental Europe, followed by North America averaging 91%, and the UK with 82%.
