Photo from Unsplash by Adeolu Eletu.
SSP Group looks to Asia Pacific and North America for new business
These two regions were its top growth market during this financial year.
SSP Group will pivot to higher growth markets, with approximately two-thirds of sales from the secured new business pipeline planned to come from North America and Asia Pacific.
The group reported revenue of £3b, an increase of 38% compared to a year before for the full year ending 30 September 2023.
During the second half of the year, SSP’s revenue grew by 25% on a constant currency basis, with like-for-like growth of 19%. The group attributed its growth to the resumption of travel and an increase in passenger numbers. Asia Pacific and EEME were the principal contributors to its positive year.
This reflects the faster recovery in demand in these markets and strong profit conversion, as margins increased in line with revenue growth.
Meanwhile, SSP Group reported sluggish numbers in the UK Continental Europe citing relatively slower revenue recovery in the rail channel and significant disruption caused by strikes and civil protests as the main reasons.
The group, however, plans to strengthen its portfolio of partner brands, including new partnerships with BrewDog in the UK and Europe, Breakfast Club in the UK and Jones the Grocer in Singapore and existing partners, including Pret, Hard Rock Café, Popeyes and Starbucks
“We are continuing to lay the foundations for accelerated expansion in key growth markets such as North America and Asia Pacific. We are also making clear strides in enhancing our customer proposition, our digital capabilities and our sustainability initiatives. Our ongoing focus on these areas has led to SSP delivering strong like-for-like growth, high levels of new business, a robust margin recovery, and even closer relationships with our clients and brand partners. We are very pleased to be taking the important step today of proposing to reinstate the ordinary dividend,” Patrick Coveney, CEO of SSP Group said.
