SSP Group Reports Strong Sales Growth in Q1
SSP Group, the London-listed food-and-beverage company known for housing the popular Upper Crust bakery chain, has announced a significant increase in group sales for the first quarter of the fiscal year. The company attributed this growth to the continued global demand for travel.
During the three-month period ending on December 31, group sales reached £788 million ($1 billion), representing a 21% rise compared to the previous year. Like-for-like sales also saw a healthy increase of 14%, reflecting the ongoing recovery in passenger numbers.
Despite facing challenges such as industrial action affecting the UK and continental Europe, SSP Group remains optimistic about its performance. The company has continued to maintain momentum even after the reporting period.
Looking ahead to the fiscal year ending in September, SSP Group has provided guidance for its underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) and underlying operating profit. The company expects its EBITDA to fall within the range of £345 million to £375 million, with an underlying operating profit between £210 million and £235 million.
SSP Group is confident in its future prospects, citing a strong pipeline of secured new contracts globally. Furthermore, its commitment to constantly improving its customer proposition and ability to navigate inflationary pressures bolster its confidence for the rest of fiscal 2024 and beyond.
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