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Business

Upper Crust owner SSP targets European profit margin boost, shares jump
People at Upper Crust bakery in train station

Published : 6 days ago, on

(Reuters) -Upper Crust owner SSP, which runs cafes, bars and restaurants in train stations and airports in nearly 40 countries, said on Tuesday it plans to double its operating profit margin in its struggling Continental European business.

London-based SSP said the performance of its biggest market in terms of sales, which accounted for 35% of overall revenue in its 2024 fiscal year, was “disappointing”, partly due to rail strikes and weakness in one of its German businesses.

SSP named Satya Menard as its new CEO for Continental Europe in September and had also said that it would be exiting its underperforming German motorway services business in 2026.

In Continental Europe, we are accelerating our profit recovery plan, in particular by building returns from the significant number of recently renewed and extended contracts,” SSP CEO Patrick Coveney said in a statement.

SSP said it aimed to raise the regional unit’s operating profit margin to about 3% in its current fiscal, up from 1.5%.

Shares in SSP rose up to 10% in early trade after it posted a 23% jump in annual profit, in line with estimates. The FTSE 250 company’s shares have fallen nearly 31% this year.

SSP said its year-end net debt was 593 million pounds, below the 610-630 million pounds it had previously indicated.

The group, which operates out of nearly 600 locations globally, forecast annual revenue and operating profit in line with market forecasts.

It reported core profit of 343 million pounds ($434 million) for the year ended Sept. 30, a rise of 23% that was in line with a company-compiled average of analysts’ estimates.

Pub and restaurant firms, once severely impacted by the pandemic and the cost-of-living crisis, are now more confident about growth as energy and food cost inflation subsides.

SSP also said revenue grew 13% in the first eight weeks of its new fiscal year, which began on Oct. 1.

($1 = 0.7906 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D’Souza, Sherry Jacob-Phillips and Alexander Smith)

 

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