Highlights 

  • SSP's FY25 revenue estimated at c.GBP 3.7bn, up c.8% YoY, with operating profit around c.GBP 230m. 
  • Full-year EPS expected at c.11.5p, supported by cost management and steady passenger traffic. 
  • GBP 100m share buyback initiated, backed by anticipated cash generation and lower leverage. 

SSP Group PLC (LSE:SSP), which operates restaurants, cafes, bars, and other food outlets in travel locations across 38 countries, has released its Q4 trading update for the year ending 30 September 2025. Despite slower passenger growth in H2, the group is on track to achieve full-year EPS in line with prior guidance and market expectations. 

The group also announced a GBP 100m share buyback programme, reflecting its capital allocation priorities and balance sheet position. 

Q4 Performance 

For Q4 (1 July – 30 September 2025), total group sales rose 4% YoY on a constant currency basis, comprising 2% like-for-like growth and 3% net contract gains. A (1) % impact came from the staged exit of German Motorway Services. 

  • North America: Sales up 4% constant FX, including 6% net gains, offset by a 2% like-for-like decline. 
  • Continental Europe: Revenue fell 3%, influenced by the German MSA exit, with like-for-like growth of 1%. 
  • UK & Ireland: Sales increased 7%, largely driven by rail channels, despite a one-week London Underground strike. 
  • APAC & EEME: Revenue rose 12%, supported by 8% net gains and strong performance in Australia and Malaysia. 

Full-Year Financial Outlook 

For FY25, group revenue is expected at c.GBP 3.7bn, up c.8% YoY on a constant currency basis. This includes like-for-like growth of c.4%, net contract gains of c.4%, contributions from acquisitions of c.2%, and a combined (2) % effect from the German MSA exit and deconsolidation of the Adani Airport Holdings JV. 

Operating profit is projected at c.GBP 230m, with a margin of c.6.2%, up c.20bps. EPS is anticipated at c.12.3p on a constant currency basis and c.11.5p at actual FX rates, supported by a lower-than-expected tax rate and interest charges. Net debt/EBITDA leverage is expected to fall to 1.6x by year-end, reflecting disciplined capital spending of c.GBP 220m and improved working capital. 

Outlook for FY26 

Looking forward, SSP plans to continue initiatives to improve operational efficiency, focusing on profitability in France and Germany. Full-year capital expenditure is expected to remain below GBP 200m, with growth capex aligned to net gains of c.2%. EPS for FY26 are expected to remain within current market ranges, assuming stable market conditions. 

Management Commentary 

Patrick Coveney, CEO, stated: “We have delivered a resilient Q4 performance against a challenging macroeconomic and softer demand environment in some key travel markets. Our UK and Asia Pacific businesses have performed particularly well and, overall, our quarterly performance leaves us on track to achieve FY25 EPS in line with market expectations. In addition, supported by our cash generation in H2 and confidence in next year’s outlook, we are announcing a £100m share buyback programme today.”