Upper crust owner SSP sees revenues slip as pound’s strength takes it tollComments Off on Upper crust owner SSP sees revenues slip as pound’s strength takes it toll
The company, which is led by the former WH Smith boss and operates outlets in airports and train stations around the world, said that although like-for-like sales were up 2.7% in the three months ending New Year’s Eve, revenues fell 0.1%.
“Sales growth benefited from strong performances in the UK, North America, the Middle East and Asia Pacific although, as expected, trading has remained challenging in some parts of Continental Europe, notably France and Germany,” the company said.
The shares dipped almost 2% to 263p, still significantly above the 210p at which the Upper Crust and Caffè Ritazza owner was priced when it listed in London last summer. It remained upbeat on its prospects despite headwinds such as potential rail strikes in Europe.
“While a degree of uncertainty continues to exist around passenger numbers in the short term, the group remains well-positioned to capitalise on the underlying positive trends in its markets,” it added.