Upper Crust owner SSP has swapped to £425.8 million for the year ended September 30th.
The group’s profits fell from last year’s £1.99 billion as the pandemic hit sales and affected travel food operators through a massive reduction in passenger numbers.
Revenue fell sharply to 47.9% to £1.433 billion, with similar sales down 50.8%.
SSP is a company of FTSE 250 that owns brands found at train stations and airports, including the upper crust and Cafe Ritazza. The group has over 3,000 retailers across the UK, but currently only 950 trade.
Looking forward to it, the group said it expects sales for the first quarter of 2021 to fall by about 80% year-on-year. However, SPP is still confident in the second half of 2021. This is a boost to the travel sector with the Covid-19 vaccine rollout.
The group said in the update: “After further research, I firmly believe that SSPs will be well positioned to capitalize on future market opportunities, along with the background of the market where travel demand is back and the action taken since March is evolving, along with the evolving market context of SSPs’ actions since March. .”
Chief Executive Simon Smith commented on the latest results.
“While passenger numbers are expected to remain curtailed over the winter, we are optimistic that along with good progress in vaccination programs, there will be a significant rise both domestic and international travel starting in the spring.
“We are ready to respond quickly. The actions we take to rebuild our business will be in a strong position to take advantage of the recovery, not just new business opportunities in the future. , can bring about long-term sustainable growth for the benefit of all stakeholders,” he added.
SSP stocks (LON:SSPG) are currently trading 2.21% lower at 319.00 (1432GMT). Over the year, stocks fell from a high of 326.78.
