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Travel concession group SSP (SSPG) has been given a revenue boost by the weak pound in the third quarter but continued to be affected by the terror attacks in Europe.

It added the group’s overall performance in the period from 1 April to 30 June was in line with expectations as revenues grew 9% thanks to the devaluation of sterling compared with major European currencies.

On a constant currency basis, total revenues for the quarter rose 4.8%, with like-for-like sales growth of 3% as passenger numbers at airports continued to increase.

“Like-for-like sales in the third quarter in the UK were robust and continue to benefit from passenger growth in the air sector,” SSP said in a trading statement.

“In Continental Europe the picture remains mixed, with good performances in Spain and a weaker trading environment in France and Belgium resulting from the on-going impact of the geopolitical incidents in Paris and Brussels and industrial action.”

For the nine months to 30 June, total group revenues increased by 5.5% on a constant currency basis, including like-for-like sales growth of 3.2%, and by 6% year on year at actual exchange rates.

“The second half of the financial year has started in line with our expectations,” SSP added. “Whilst a degree of uncertainty always exists around passenger numbers in the short term, we are well placed to continue to benefit from the structural growth opportunities in our markets and to create further shareholder value.”

SSP operates outlets at airports, train stations and motorway service sites under brands such as Burger King, Upper Crust, Starbucks and Ritazza.

Shares in the group are up 0.7% this morning to 297.3p.

Morning update

Dairy Crest (DCG) said trading in the first quarter to 30 June had met expectations with combined sales volumes of the four key brands (Cathedral City, Clover, Country Life and Frylight) in line with the same period last year. CEO Mark Allen will tell shareholders at today’s AGM that outlook for the full year remained unchanged. “The year has started off as we expected,” Allen added. “Our branded business continues to perform well. In cheese, we have successfully re-launched Cathedral City, the nation’s favourite cheese, with new packaging and branding. This has been supported with a wide-reaching media and promotional campaign.

“Our butters, spreads and oils business is progressing well. Clover and Country Life have both built on the momentum from the second half of last year. Frylight sales are also growing strongly.”

He said at the same time, the business was seeing the benefits of its investment in infant formula ingredients with improved operational efficiencies at the demineralised whey and GOS production facilities.

“This summer, we celebrate our 20th year as a listed company. In this time, the company has evolved from a supply-driven commoditised business to a lean, branded and added value business. I would like to take this opportunity to thank everyone who has been involved in Dairy Crest over the last 20 years for their hard work and commitment to the company.”

Agriculture, food and engineering group CARR’s (CARR) said this morning that the difficulties in the market had been made worse by the uncertainty triggered by the result of the recent EU referendum. In the 20 weeks to 19 July, the food division reported underlying volume growth of 1.6% ahead of last year. Carr’s minimised volatility in the wheat market by seeking to match sales contracts with raw materials commitments. The insurance claim relating to the flooding in December 2015 is ongoing, but there is no change to the expectation that this will be successful and the flooding would therefore having little to no financial impact on the business, it said in the trading update. Carr’s added that trading was in line with expectations for the year ending 3 September 2016.

CEO Tim Davies said: “The group continues to operate in difficult and challenging markets and this has inevitably been exacerbated by the uncertainty triggered by the result of the recent EU referendum. However, the board remains confident that it is well-placed to respond to these challenges, and to take advantage of any opportunities that may arise from the changing markets.

“Carr’s continues to benefit from the broad diversity of its product offering and geographic spread with a significant proportion of profits generated outside of the UK. The group is focused on generating organic growth, reviewing acquisition opportunities and driving innovation through research and development. The board remains confident of meeting its full year financial expectations.”

Aviation and distribution group John Menzies (MNZS) has appointed Dr Dermot F Smurfit as chairman, effective from the next meeting of the board on 25 July. He is currently chairman of Powerflute and ML Capital and is a non-executive director of Timber Capital and The Forest Company. He has also held a number of positions within the Jefferson Smurfit Group and was latterly deputy chairman and world vice president of sales and marketing. Dermot Jenkinson who had assumed the position of chairman on an interim basis following the retirement of Iain Napier in May 2016 will continue on the board as a non-executive director.

Jenkinson said: “I am delighted to be able to appoint a chairman of the calibre of Dr Smurfit. As previously announced I had committed, at short notice, to act as chairman until such time as a suitable candidate had been found. The obvious qualities that Dr Smurfit possesses and his availability to assume the chairman responsibilities immediately meant I was happy to recommend his appointment. I am confident that Dr Smurfit will be a great asset to the group.”

Shares in Dairy Crest were lifted 1% to 577p following the trading update, Carr’s sank 2% to 138.6p and John Menzies also dipped 1.4% to 586p. Elsewhere, the listed supermarkets have all opened down. Tesco (TSCO) has fallen 2.2% to 162.3p, Morrisons (MRW) 1.7% to 177.6p, Sainsbury’s (SBRY) 1.1% to 228p and Ocado (OCDO) 0.7% to 263.8p. The FTSE 100 has also opened in the red, down 0.5% to 6,664.39 points.

Yesterday in the City

Conviviality’s (CVR) share price ended the day 10.1% up at 196p to get within touching distance of where the stock was pre-Brexit. Sales at the drinks group more than doubled in 53 weeks to 1 May to £864.5m thanks to the acquisition of Matthew Clark. The group added that the integration plans for Matthew Clark and Bibendum, which it bought post year end in May, was also ahead of expectations.

Finsbury Food Group (FIF) closed 0.6% down to 114.4p after climbing more than 2% in morning trading following a pre-close trading update. The speciality bakery it reported sales growth of 25% following the integration of Fletchers and Johnstone’s to £319.7m.

The FTSE 100 managed to avoid the falls of European markets caused by the failed coup in Turkey to finish 0.4% up at 6,695.42 points.

Most grocery stocks recorded climbs but among the fallers were British American Tobacco (BAT), down 1% to 4,786p, Coca-Cola HBC (CCH), down 0.6% to 1,525p and Reckitt Benckiser (RB), down 0.4% to 7,441p.

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