Upper Crust owner reports weaker Middle East passenger numbers
Summarised from 2 outlets · 4 reports · Updated 9 Oct, 08:31 · Archive
SSP Group, which owns Upper Crust and Millie's Cookies, reported a sharp drop in passengers in the Middle East region and surrounding areas.
SSP Group, which operates food and drink outlets in travel hubs including airports and train stations, reported annual revenues of £3.8 billion for the year to 30 September, 5% higher than the previous year. The company trades under brands including Upper Crust, Millie's Cookies, Marks & Spencer, Starbucks and Burger King.
In the fourth quarter from July to September, UK and Ireland sales jumped 9% compared with the same period last year, driven by strong summer trading and outlet improvements. However, passenger numbers fell sharply in the Gulf and key travel hubs across the Middle East region since the conflict began, affecting trading. The company also noted subdued passenger numbers in North America and declines across the Eastern Mediterranean, Asia Pacific and Indian regions.
As a result, SSP lowered its full-year operating profit forecast to around £230 million, slightly below previous expectations. Chief executive Patrick Coveney said the company had 'delivered a resilient Q4 trading performance in a challenging environment'.
How it is being reported
- Upper Crust owner sees sharp drop in passengers around Middle East travel hubsSSP Group said its financial performance in recent months had been ‘resilient’ in a ‘challenging environment’.Evening Standard · 9 Oct, 08:33
- Upper Crust owner sees sharp drop in passengers around Middle East travel hubsSSP Group said its financial performance in recent months had been ‘resilient’ in a ‘challenging environment’.Independent Business · 9 Oct, 08:33
- Upper Crust owner sees sharp drop in passengers around Middle East travel hubsSSP Group said its financial performance in recent months had been ‘resilient’ in a ‘challenging environment’.Evening Standard · 9 Oct, 08:03
- Upper Crust owner sees sharp drop in passengers around Middle East travel hubsSSP Group said its financial performance in recent months had been ‘resilient’ in a ‘challenging environment’.Independent Business · 9 Oct, 08:03
In this story: SSP Group · Upper Crust · Millie's Cookies · Patrick Coveney · Middle East · Gulf · North America · UK
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