SSP Group PLC SSP AGM and update on the COVID-19 virus (1061E)
26 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMSSPG
RNS Number : 1061E
SSP Group PLC
26 February 2020
LEI:213800QGNIWTXFMENJ24
26 February 2020
SSP GROUP PLC
SSP AGM and update on the COVID-19 virus
SSP ("SSP" or "the Group"), a leading operator of food and
beverage outlets in travel locations worldwide, will today hold its
Annual General Meeting and, ahead of this, issues an update to the
market on current trading and the impact of the COVID-19 virus
(Coronavirus).
In the current financial year trading in the UK, Continental
Europe and North America, which together account for approximately
86% of Group revenue, has been in line with our expectations. In
the Rest of the World, which accounts for 14% of group revenue and
comprises the Asia Pacific region, India and the Middle East, we
have seen an impact from the COVID-19 virus.
Since the escalation of the virus during January, our immediate
priority has been the health and safety of our colleagues,
customers and partners based across China and the Asia Pacific
region. We have worked closely with our teams and local authorities
to implement a range of additional health and safety policies and
protocols covering hygiene, travel and quarantine periods, in order
to keep people fully informed and as well protected as possible
against infection.
In terms of the impact at the airports in which we operate
across the region, in China we have seen sharp declines in both
domestic and international air passenger numbers, which are
currently running c. 90% lower YOY. In Hong Kong passenger numbers
are c. 70% lower YOY and across a number of our other Asia Pacific
countries, including Singapore, Thailand, Taiwan and the
Philippines, passenger numbers are between 25% and 30% lower YOY.
Elsewhere, we have also seen some impact at our airports in
Australia, as well as at major travel hubs in the Middle East and
India, although to date this has been less severe.
In response to the sharp fall in sales in China and across the
Asia Pacific region, we have been working with our clients to
maintain appropriate service levels, whilst taking all the
necessary action we can to reduce costs, including the temporary
closure of units and reduced operating hours.
In terms of the financial impact of COVID-19, our expectation is
that for the month February sales across the Asia Pacific region
(which accounts for approximately 8% of SSP Group revenues) will be
approximately 50% lower YOY. Together with the impact in the Middle
East and India, this is expected to reduce overall Group revenue in
February by approximately GBP10m - GBP12m, with a corresponding
reduction in operating profit of approximately GBP4m - GBP5m.
Summary and outlook
Clearly the duration of the COVID-19 virus and its impact on
global travel is uncertain at this stage, as are its consequences
for our financial performance for the full year. We will continue
to take all the necessary action as appropriate. O ur strategy
remains unchanged, and we continue to be well placed to benefit
from the significant structural growth opportunities in our markets
over the medium term and to create ongoing value for our
shareholders.
CONTACTS
Investor and analyst enquiries
Sarah John, Director of Investor Relations, SSP Group plc
+44 (0) 203 714 5251; E-mail: sarah.john@ssp-intl.com
Media enquiries
Peter Ogden / Lisa Kavanagh, Powerscourt
+44 (0) 207 250 1446; 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. With over 50
years of experience, today we have more than 39,000 employees,
serving approximately one and a half million customers every day.
We have business at approximately 180 airports and 300 rail
stations, and operate more than 2,800 units in 35 countries around
the world.
SSP operates an extensive portfolio of more than 550
international, national, and local brands. Among these are local
heroes such as Brioche Doree in Paris, LEON in London, and Hung's
Delicacies in Hong Kong. Our range also includes proprietary brands
created for the travel sector including Upper Crust, Cabin Bar and
Ritazza, as well as international names such as M&S, Burger
King, Starbucks, Jamie's Deli and YO! Sushi. We also create
stunning bespoke concepts such as Five Borough Food Hall in JFK,
New York and Norgesglasset Bar in Oslo Airport.
www.foodtravelexperts.com
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END
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