Upper Crust owner SSP, the Patrick Coveney-led group that runs cafes, bars and restaurants in train stations and airports in nearly 40 countries, reiterated its annual forecast on Friday after logging strong first-quarter sales.
The result was supported by a robust UK business and pick-up in North America, as the group pushes ahead with its turnaround efforts to boost margins.
The company, which operates food outlets at airports and train stations worldwide, is cutting costs, refreshing offerings, improving customer experience and expanding in high-growth markets to lift profits and offset weakness in Europe.
“The new financial year has started well, with positive revenue momentum. We are making good progress in driving improved performance,” the company said.
Group like-for-like sales rose 5 per cent year-on-year on constant currency rates in the three months to December 31st, despite some seasonal fluctuations and the US government shutdown creating some volatility.
SSP Group shares were up 2.2 per cent in early trading in London.
RBC Capital Markets analysts said they were encouraged by “particularly strong trends” in the UK, with SSP continuing to gain share in the key US travel market.
They said SSP’s update could be a positive for other travel-related companies. – Reuters
