Travel food outlet operator SSP Group said current earnings would be slightly ahead of expectations after a strong fourth quarter, adding that it still expected a return to pre-Covid levels of like-for-like revenue and core profits by 2024.
“As we look ahead to the 2023 financial year, whilst there remains considerable uncertainty in the macroeconomic environment, we are confident that our flexible and resilient business model will enable us to continue to offset cost inflation, manage supply chain and labour volatility, and optimise profitability and returns,” the company said on Tuesday.
SSP, which operates the Upper Crust chain, among others, at rail stations and airports, said that it now expected current-year sales of around £2.17bn and earnings before interest, tax, depreciation and amortisation (EBITDA) of £140m, slightly ahead of previous full year guidance.
“The strength of our second-half EBITDA performance reflects the benefit of operating leverage, as sales recover, as well as our ongoing management of inflationary cost pressures through productivity and pricing initiatives,” the company said on Tuesday.
Reporting by Frank Prenesti at Sharecast.com
