|By PR Newswire||
|January 17, 2014 02:00 AM EST||
LONDON, January 17, 2014 /PRNewswire/ --
A year of further profit growth and increased investment
SSP Group, the leading operator of food and beverage brands in travel locations worldwide, announces its audited financial results for the year ended 30 September 2013.
Financial and operational highlights
- Sales up 5% to £1.83bn (2012: £1.74bn)
- Like-for-like sales growth of +4.3%, benefitting from strong performances in Asia Pacific, Eastern Europe, the Middle East and Scandinavia
- Strong underlying EBITDA growth of +10% to £152.7m (2012: £139.1m)
- Operating cash flow generation of £59m, with net cash flow after interest of £25m
- Capex up 27% to £78m, with a programme of significant investment including the refurbishment and rebranding of numerous existing outlets, as well as the opening of 90 new outlets around the world: 43 in Europe, including Zurich, Copenhagen, Malaga, and Manchester airports, and at Waterloo and Gare de Lyon stations; 37 in North America, including JFK, Phoenix, San Diego and Toronto airports; and 10 in Asia Pacific, including Hong Kong, Bangkok and Hangzhou airports
- Important contract renewals included: Abu Dhabi, Bangkok, and Hainan (China) airports; with new contract wins including Doha airport and Oslo Central and Bordeaux railway stations
- SSP's brand portfolio has continued to strengthen during the year, with developments including: a five year extension of the partnership with Starbucks, with whom SSP currently operates 67 sites across Europe; the opening of the first Shake Shack outlet in an airport, at JFK; a partnership with CNN to launch CNN Traveller Cafés globally; and the opening of outlets with Dani García and Francis Cardenau, both double Michelin-starred chefs, at Malaga and Copenhagen airports, respectively
Kate Swann, CEO of SSP, said:
"2013 was a good year for SSP, and we have delivered a strong performance against the backdrop of an improving travel sector. The new financial year has started well, and the long-term growth of the global travel markets, our broad geographic footprint, our investment plans and our healthy pipeline of new business opportunities mean that, despite the uncertain outlook in some parts of the world, we remain confident in the company's prospects for 2014 and beyond."
2013 2012 Actual Constant Financial results GBPm GBPm FX Rates Currency Sales 1,827.2 1,737.5 Like for Like Sales 4% Growth 4.3% 2.7% 5% EBITDA* 152.7 139.1 10% EBITDA Margin %* 8.4% 8.0% 8% Capex (78.0) (61.6) - - Operating Cash Flow 59.0 85.6 - - Net Cash Flow 24.8 41.4 - -
*Pre exceptional items
NOTES TO EDITORS:
SSP is the leading provider of food and beverage brands in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. With a heritage stretching back over 60 years, today SSP has 30,000 employees, serving over a million customers every day. It has business at over 140 airports and over 250 rail stations, and operates more than 2,100 units in 30 countries around the world.
SSP operates an extensive portfolio of over 200 international, national, local and speciality brands. These include Upper Crust, Starbucks, Caffè Ritazza, Burger King, M&S Simply Food, Millie's Cookies, O'Learys, Caviar House & Prunier, and leading Asian brands Ajisen Ramen and Saboten, as well as stunning bespoke concepts such as the Montreux Jazz Café in Geneva and the award winning Center Bar at Zurich.
Its brand portfolio is tailored for each specific location, depending on variables such as passenger profile, consumer need states, location type, size and design.
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Giles Sanderson / Rob Greening / Lisa Kavanagh
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