SSP Group posts 7.8% revenue increase
The group has announced its plan to enter three new markets next year in Bermuda, Bahrain and Malaysia.
Food and beverage operator SSP Group earned a £2.8bn in revenues, an increase of 7.8% year-on-year in FY 2019, attributed to growth in like-for-like sales and new contract openings.
The group has also announced its plan to enter three new markets next year in Bermuda, Bahrain and Malaysia.
"Operating profit was up 12% at constant currency, driven by solid like-for-like sales growth despite some external headwinds, significant new contract openings and further operational improvements. We continue to grow our business in North America, and have made good progress expanding in Continental Europe,” SSP Group CEO Simon Smith said in a recent company disclosure.
“In the Rest of the World, we have grown in India and the Philippines, and have entered Brazil, a new market for us, with further market entries planned in Bermuda, Bahrain and Malaysia. The new business pipeline is strong across all our geographies both this year and next, and we've announced a £100m share buyback which further demonstrates our confidence in the future of the business,” he adds.
Like-for-like sales rose by 1.9% on the back of increased air and rail passenger numbers in locations where they operate. Profit before tax also increased by 7.8% to £197.2m.
Moreover, the group has won three contracts each in North America, Asia and Continental Europe.
The multinational group operates more than 550 brands in travel locations worldwide.
