SSP warns on profits as Middle East conflict hits airport passengers

Summarised from 2 outlets · Updated 9 Oct, 11:00 · Archive

SSP, owner of Upper Crust and Millie's Cookies, has warned annual profits will be lower due to reduced passenger numbers caused by the Middle East conflict.

SSP, the owner of travel food outlets including Upper Crust, Millie's Cookies and Caffè Ritazza, has warned shareholders that annual profits will be lower after the Middle East conflict caused a significant contraction in global tourism and airport passenger numbers. The FTSE 250 catering group expects full-year profit of about £230m, slightly lower than planned.

Like-for-like sales across the group rose by four per cent in the three months to the end of September. However, sales growth in Asia Pacific, Eastern Europe and the Middle East region came in at just one per cent. Chief executive Patrick Coveney said the Middle East conflict had significantly impacted passenger volumes in these regions.

Passenger numbers in the Gulf region have rebounded to roughly 90 per cent of pre-war levels, but traffic in surrounding areas continues to reflect lower local connecting passenger volumes. SSP also pointed to subdued passenger numbers in North America, where like-for-like sales grew by two per cent in the quarter. The company said its diversified portfolio leaves it well-positioned despite the challenging backdrop.

How it is being reported

• Upper Crust owner SSP warns on profit as Iran war hits tourismSSP, the owner of travel food outlets like Upper Crust, has warned it will take a hit to its profit after the Iran war caused a “significant contraction” in global tourism. The catering group, which also owns Millie’s Cookies and Caffè Ritazza, said the sharp drop in travel caused by the Middle East conflict has [...]City AM · 9 Oct, 10:45
• Profits fall at Upper Crust and Millie's Cookies owner SSP as Middle East conflict reduces airport passengersThe owner of Upper Crust and Millie's Cookies has warned annual profits will be lower after a sharp fall in passenger numbers.This is Money · 9 Oct, 09:41

In this story: SSP · Upper Crust · Millie's Cookies · Caffè Ritazza · Patrick Coveney · Asia Pacific · Middle East · North America

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