SSP Group, the London-listed food-and-beverage company behind the popular Upper Crust bakery chain, has reported a significant increase in pretax profit for the fiscal year ended Sep. 30, 2023. The company’s profit more than tripled to £88.1 million ($111.3 million) from £25.2 million in the previous year.
Impressive Financial Performance
SSP Group’s revenue also experienced a substantial boost, reaching £3.01 billion compared to £2.185 billion in fiscal 2022. Despite higher operating costs, which rose to £2.84 billion from £2.09 billion, the company’s underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to £280.0 million, up from £142.0 million.
Sustained Momentum in Key Markets
SSP Group is pleased to report that the positive momentum in its key markets has carried over into the new financial year, with revenue in the first eight weeks increasing by 22% on a constant currency basis.
Outlook for Fiscal 2024
Looking ahead, SSP Group anticipates a resilient demand for travel, both in the near term and long term, supporting the company’s growth trajectory. For fiscal 2024, it aims to achieve revenue between £3.4 billion and £3.5 billion. Additionally, the company targets underlying EBITDA of £345 million to £375 million and operating profit of £210 million to £235 million.
Dividend Resumption
Following these impressive financial results, SSP Group has proposed a resumption of dividend payments, announcing a final dividend of 2.5 pence.
Inquiries:
