SSP Group Sees Strong Profit Growth in Fiscal 2023

by webmaster

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.

Willing to try automated trading?
See the best forex robots rating to make the right choice.
Explore the list here >

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:

Willing to try automated trading?
See the best forex robots rating to make the right choice.
Explore the list here >

Related Articles

Leave a Comment

1 + 1 =