SSP Group achieved its strongest first-half performance since before the pandemic, as sales grew 6.2% to £1.8bn in the six months to 31 March 2026.
Resilient trading allowed SSP to sustain 5% like-for-like sales growth through both quarters, with US growth in particular helping the group offset the impact of conflict in the Middle East in Q2.
SSP, which operates restaurants, bars and other outlets in travel hubs such as airports, said the UK was a “standout performer” as refurbished franchised M&S stores helped drive strong trade in its airport locations.
Underlying operating profit rose 9.3% at actual financial exchange rates to reach £50m.
Group CEO Patrick Coveney said the half year had been a “period of resilience and progress”.
“We’re pleased to have delivered good trading and profit improvements against a challenging backdrop for the global travel sector in the half, underlining the strength of our geographically diversified business model and disciplined operational execution across our portfolio.”
He thanked colleagues for their focus and commitment during the disruption caused by the Iran war, and added that the company’s strategy and priorities were unchanged.
“While we recognise there is of course more to do, through our ‘Focus26’ plan, we continue to strengthen operational performance across the group, with clear initiatives underway to drive sustainable improvements in profitability, cash generation and returns on capital,” he said.
Coveney confirmed SSP had started to implement a rationalisation of its Continental Europe rail business, having completed a review of the business.
“I’m confident these will deliver a smaller, more profitable and more cash generative business in this region over time,” he said.
RBC analyst Manjari Dhar said that while SSP had been better executing its plans recently, she remained conscious there were still “challenges to address in the business” and a lack of visibility on the Iran war’s impact on travel patterns.
But she added: “We note a strong space growth story at SSP, with much of the expansion has been focused on the large and important US market.
“We note that an improvement in Continental Europe is taking longer than expected, but we think SSP is being careful to set this business up for improved profitability and better returns for the longer term. We are also encouraged by an improvement in cash generation, helped by lower capex and working capital efficiencies.”
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