By Anthony O. Goriainoff
SSP Group confirmed guidance after sales rose in the quarter, continuing the positive momentum seen at the start of the year.
The London-listed food-and-beverage company--which houses the Upper Crust bakery chain that operates in railways and airports--said Tuesday that for the three months ended Dec. 31 group sales were up 14% on year on a constant currency basis. Like-for-like sales were up 6%, with net contract gains of 5% and a further 5% contribution from acquisitions.
The company said that on a constant currency basis sales grew 17% in North America and 5% in Continental Europe despite a 1% hit from the exit of 13 unprofitable motorway service areas business sites in Germany. The company said it expected further exits through the year as part of the regional recovery plan.
Sales rose 9% in the U.K., driven by a strong like-for-like performance reflecting good passenger numbers in the aviation sector as well as a lower incidence of industrial action in the rail sector compared with the year prior.
The board expects revenue for fiscal 2025 to be 3.7 billion pounds to 3.8 billion pounds ($4.62 billion to $4.75 billion). For the year ended Sept. 30, revenue was 3.43 billion pounds.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 28, 2025 02:54 ET (07:54 GMT)
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