SSP Group reports strong results for first half of 2016
The SSP Group announced its results for the first half of its 2016 financial year, covering the six months ended 31 March 2016.
Operating profit for the company were reported to be £30.9 million: up 28.0% at constant currency, and 22.6% at actual exchange rates, while like-for-like sales were up 3.3%, driven by growth in air passenger travel and retailing initiatives.
According to the company, net gains were at 2.0%, with strong performances in North America and the rest of the world. Revenue was reported to be £897 million: up 5.9% at constant currency; 4.4% at actual exchange rates.
Operating margin rose by 50 basis points to 3.4% due to strategic initiatives delivering further improvements.
Commenting on the results, Kate Swann, CEO of SSP Group, said: "SSP has made further good progress in the first half of 2016 and we continue to deliver our strategic initiatives. Constant currency operating profit was up 28% driven by good like-for-like sales growth in our existing business, new contract openings, which are building our presence across the world, and further operational improvements. I am particularly encouraged by the pace of development in our North America and Asia Pacific operations."
"Looking forward, the second half has started in line with our expectations. Whilst a degree of uncertainty always exists around passenger numbers in the short term, we are well placed to benefit from the structural growth opportunities in our markets and to create further shareholder value."
