SSP sees £1.3bn revenue increase as travel industry recovers
Food and beverage outlet operator SSP Group has released its financial report for the year 2022, revealing that it has seen revenue of £2.1bn, up from £834.2m in 2021.
It also saw an operating profit of £91.5m, compared to a loss of £309.2m last year.
The group, who operate in travel locations such as airports and train stations, has partnerships with global brands such as Starbucks, Burger King, and Yo! Sushi, while also running their own brands such as Haven and Upper Crust.
SSP saw an increase in revenue from the first half of the year to the second, from 64% to 90% compared to 2019 levels. The former period was affected by the omicron variant of coronavirus, having an impact on travel.
The group said a recovery in passenger demand through the year was a reason behind the improved results.
SSP said it was well-placed to succeed in a challenging macroeconomic environment, due to traveller resilience, geographic diversification, flexible cost base, strong balance sheet and available liquidity.
Patrick Coveney, CEO of SSP Group, said: “The global air and rail travel sectors are set up for long-term structural growth, consumer demand for quality food offerings in travel locations remains strong, and we have significant head room for growth in multiple markets across the world.”