SSP losses widen, but sees better UK, North America trade since March

by | Jun 9, 2021

Upper Crust owner SSP Group reported wider interim losses as Covid travel restrictions closed its outlets, but added trading had improved in the UK and North America since the end of March.
The company, which runs outlets such as Ritazza at airports and train stations in 35 countries, on Wednesday posted a pre-tax loss of £299.7m, compared with a £34m loss a year ago as the pandemic started to hit global travel. Revenue plunged 78.8% to £256.7m.

Underlying pre-tax losses were £182m for the six months to March 31, compared with a loss of £10.7m a year earlier.

SSP said UK and North America trade had improved slightly, driven by the gradual easing of lockdown restrictions in the, coupled with improving passenger numbers, particularly in North America, assisted by the successful roll-out of the vaccination programmes.

“However, we have seen the impact of renewed travel restrictions in our Rest of the World division, most notably in India and Thailand. Currently, sales are down approximately 70% against 2019 and for the third quarter as a whole, we expect them to be down approximately 75% against 2019.”

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