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Trading statements

SSP Group says Q3 sales growth up 3.6% LFL

12 July 2017 07:53

SSP Group said its Q3 revenues were, on a constant currency basis, up 14.6%, with like-for-like sales growth of 3.6%, net contract gains of 7.6% and an additional 3.4% of revenue from Travel Food Services in India (TFS), compared with the same period last year.

"At actual exchange rates, given the weakening of Sterling against most currencies compared with the same period in the prior year, total group revenues for the period increased 21.7% year-on-year," the company said.

For the nine months from 1 October 2016 to 30 June 2017, total group revenues increased 10.4% on a constant currency basis, including like-for-like sales growth of 3.2%, net contract gains of 4.8%, revenues from TFS of 2.8% and a negative impact of -0.4% arising from the additional leap year day in 2016.

At actual exchange rates, total Group revenues increased 20.4% year-on-year.

Looking forward, whilst a degree of uncertainty always existed around passenger numbers in the short term, particularly in the current environment, SSP was well placed to continue to benefit from the structural growth opportunities in our markets and to create further shareholder value.

The company said trading results from outside the UK were converted into sterling at the average exchange rates for the period.

"The overall impact on revenue of the movement of foreign currencies (principally the Euro, US Dollar, Swedish Krona, and Norwegian Krone) during the first three quarters of 2017 compared to the 2016 average was 10.0%. If the current spot rates were to continue for the rest of 2017, we would expect a positive effect for the full year of around 7.0%."

Story provided by StockMarketWire.com

Related Company: SSPG

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