Highlights

  • Panmure Liberum and Berenberg have issued buy ratings on SSP Group with target prices of 300p and 230p.
  • Group like-for-like sales increased by 5% in Q1 FY26 on a constant currency basis.
  • Full-year guidance for FY26 remains unchanged following the Q1 performance.

SSP Group plc (LSE:SSPG), the global operator of food and beverage outlets across travel locations, reported a positive start to its 2026 financial year as Panmure Liberum and Berenberg both reiterated buy ratings, with target prices of 300p and 230p respectively.

Furthermore, the company has released its first-quarter trading update.

Broker Buy Ratings Take Centre Stage

Two brokers, Panmure Liberum and Berenberg have both reiterated buy recommendations on SSP Group. Panmure Liberum set a target price of 300p, while Berenberg issued a target of 230p.

SSP Group shares were trading at approximately 192p on 23 January, positioning the broker targets above the prevailing market price.

Q1 Trading Momentum Continues

SSP reported group like-for-like sales growth of 5% for the three months ended 31 December 2025, an increase from the 4% reported during the first eight weeks of the quarter. Total group sales rose by 6% year-on-year on a constant currency basis, supported by net unit gains across several regions.

Management confirmed that expectations for the full financial year remain unchanged, in line with guidance issued alongside the FY25 results.

Regional Performance Overview

In North America, sales increased by 4% year-on-year on a constant currency basis, driven primarily by net gains as SSP expanded its presence across the 57 airports in which it operates. Seasonal factors and a US government shutdown contributed to some like-for-like volatility during the quarter.

Continental Europe recorded sales growth of 1% on a constant currency basis. Like-for-like sales rose by 2%, partially offset by lower consumer spending and weaker rail performance, where a strategic review is ongoing.

The UK and Ireland delivered an 8% year-on-year increase in sales, supported by continued like-for-like growth. Performance was supported by air travel locations and the Marks & Spencer estate across both air and rail, alongside the impact of refurbishment and renewal programmes.

APAC and EEME Lead Growth

The Asia Pacific and EEME region reported sales growth of 17% on a constant currency basis. Like-for-like sales growth accelerated to 10%, compared with 6% in the previous quarter, reflecting improved air capacity in India and sustained growth in Australia. Net gains also contributed across the region.

Outlook Remains Unchanged

SSP stated that the financial year has started with positive revenue momentum. Progress continues under the group’s Focus 26 operational plan, with a further update expected at the half-year results. Full-year guidance for FY26 remains unchanged.

Market Context

SSP Group shares were trading at around GBP 1.92 on 23 January.

Meta Information

Meta Title: Buy Ratings Reaffirmed as SSP Reports 5% Q1 LFL Sales Growth
Meta Description: SSP Group reports 5% like-for-like sales growth in Q1 FY26 as Panmure Liberum and Berenberg reiterate buy ratings with targets of 300p and 230p.
Meta Keywords: SSP Group, SSPG, buy rating, Panmure Liberum, Berenberg, Q1 trading update, travel food outlets, LFL sales growth