SSP inviting shareholders to reinvest 2019 final dividend into new shares

04 June 2020 by
SSP inviting shareholders to reinvest 2019 final dividend into new shares

SSP is facilitating a dividend reinvestment equity offering of up to £26.8m alongside its half-year results today, inviting shareholders to reinvest their 2019 final dividend payment into new SSP shares to retain cash in the business.

In the travel caterer's results for six months period ended 31 March 2020, the group said it had negotiated more flexible rent terms and considerably strengthened its balance sheet and liquidity through its March equity placing.

However, it said that despite performing well prior to the onset of Covid-19, the outbreak has had a "significant impact" on SSP's financial results. It reported revenue of £1.21b, down 2.7% at constant currency; like-for-like sales down 8.4%; and pre-tax losses of £34.3m on a reported basis.

Simon Smith, chief executive of SSP Group, said: "Covid-19 has had an unprecedented impact on the travel sector. Our response has been to take quick and decisive action to protect our people and our business, while around the world our colleagues have helped and supported their local communities. Although challenging, it was a great illustration of SSP at its best and demonstrated the resilience of our teams. I'm immensely proud of what's been achieved.

"Looking forward, and with sufficient liquidity to manage a pessimistic trading scenario, I believe the actions we have been taking during this crisis will make us a fitter and stronger business, well placed to deliver for all our stakeholders as the travel market recovers."

SSP expects coronavirus to hit second-half revenues by up to 85% >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking