SSP Group PLC Response to Press Speculation (6860O)
10 Febbraio 2021 - 06:48PM
UK Regulatory
TIDMSSPG
RNS Number : 6860O
SSP Group PLC
10 February 2021
LEI: 213800QGNIWTXFMENJ24
For immediate release
10 February 2021
SSP Group plc
Response to Press Speculation
SSP Group plc ("SSP", the "the Group") notes the recent press
speculation regarding its draw down on the Bank of England CCFF and
the possibility of the Group undertaking an equity raise.
As detailed in the Group's 2020 preliminary results
announcement, released on 17 December 2020, SSP is strongly placed
to capitalise on the recovery of the travel sector. Through
significant management actions, the Group's liquidity position is
strong, with cash and undrawn available facilities of around GBP520
million, as at 30 September 2020.
Included within this amount is GBP300 million from the Bank of
England CCFF, which has been drawn down in full during February.
The recent draw down is solely due to the scheme closing for
further drawings from March 2021. As previously communicated, the
CCFF commercial paper is repayable in February 2022. The Group
noted in its preliminary results that its current monthly cash burn
rate was approximately GBP25 - 30 million, and it is expected to
remain in this range during the second quarter, which ends 31 March
2021.
Whilst SSP is confident in the medium-term recovery of the
travel market, there remains significant uncertainty with regard to
COVID-19 and associated travel restrictions. In that context, the
Group continues to evaluate the merits of a range of funding
options, both debt and equity, that would further strengthen its
balance sheet.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is being
released on behalf of SSP by Helen Byrne, General Counsel and
Company Secretary.
CONTACTS:
Investor and analyst enquiries Tel: +44 (0) 203 714
Sarah John, Director of Corporate 5251
Affairs Email: sarah.john@ssp-intl.com
Media enquiries Tel: +44 (0) 207 250
Peter Ogden / Lisa Kavanagh 1446
Powerscourt E-mail: ssp@powerscourt-group.com
NOTES TO EDITORS
About SSP
SSP is a leading operator of food and beverage concessions in
travel locations, operating restaurants, bars, cafés, food courts,
lounges and convenience stores in airports, train stations,
motorway service stations and other leisure locations. Prior to the
onset of Covid-19, we served around one and a half million
customers every day at approximately 180 airports and 300 rail
stations in 35 countries around the world and operated more than
550 international, national and local brands across our c. 2,700
units.
www.foodtravelexperts.com
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END
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