SSP Group see like-for-like sales fall 8.4% in first half
They announced a retail offer of new shares to allow retail investors to reinvest their dividend.
SSP Group reported “extremely low sales” after the coronavirus pandemic forced it to shut its outlets.
The travel food specialist reported that like-for-like sales fell 8.4% in the half year to 31 March 31, as most global markets were hammered by the virus and subsequent travel restrictions.
Whilst noting the “significant” impact of the virus, the firm said it has sufficient liquidity to manage through a “prolonged crisis and slow recovery.”
Revenue for the six-month period slipped by 2.7% to £1.21 billion after the business “performed well and in line with expectations” before the outbreak.
Just 10% of its units continued to trade throughout April, as the company “effectively hibernated”, it said.
It is now focussed on gradually reopening its business, lowering its cost base and protecting the safety of staff and customers but intending to “seek out and invest in new long-term growth opportunities.”
“Looking forward, and with sufficient liquidity to manage a pessimistic trading scenario, I believe the actions we have been taking during this crisis will make us a fitter and stronger business, well placed to deliver for all our stakeholders as the travel market recovers,” SSP Group CEO Simon Smith said.
