SSP reports strong growth thanks to Asian expansion
Travel concession operator SSP has reported strong results on the back of growth in Asia and the USA.
It's results for the year ended 30 September show sales of £1.74b and an operating profit before exceptional costs of £61.5m.
The group, which operates a portfolio of international brands including Burger King, Starbucks and Caviar House and Prunier, reported income before interest and taxes and depreciation and amortisation growth of +10.0% to £139.1m. Operating cash flow generation was £85.6m (2011: £55.4m) and net cash flow after interest of £41.4m (2011: £7.4m).
Contract renewals of £168m (annual sales value), representing a retention success rate of 87%, included: Geneva, Abu Dhabi, Gothenburg and Reno airports; and Birmingham New Street, London Bridge and Gare de Lyon railway stations.
New contract wins of £82m (annual sales value), included Phoenix and JFK airports in the USA, Xian and Hangzhou airports in China, and Nantes airport, Bordeaux railway station and Grenoble railway station in France.
Andrew Lynch, CEO of SSP UK, said: "2012 has been another successful year for SSP, and I am pleased to report that we have delivered a strong trading performance as we have continued to benefit from a broad geographic presence, an outstanding portfolio of brands, and the on-going resilience of the core airport and railway travel markets in which we operate.
"Our contract retention rate has remained extremely high, and we continue to help some of the world's biggest brands enter new markets, whilst keeping up the momentum in developing and rolling out our own brands across the world."
By Lisa Jenkins
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