SSP: Upper Crust owner’s UK recovery hampered by rail strikes as commuters stop buying baguettes SSP Upper Crust owner SSP has seen the recovery in its UK arm hampered by repeated waves of strike action across railway networks. The company, which runs food outlets at transport sites such as airports and railway stations, revealed the performance of its UK and Ireland business lagged behind other regions globally due to train strike [...]
Upper Crust owner posts elevated sales as passengers face lengthy airport queues SSP SALES Upper Crust and Ritazza sites saw quarterly sales elevated as passengers flocked back to railway stations and airports. Travel food operator SSP said on Thursday its revenue had recovered to 87 per cent of 2019 levels for the third quarter, including a benefit from price hikes. It accredited the sales boost to an ongoing recovery [...]
Upper Crust owner SSP’s boss to step down at end of the year Upper Crust and Ritazza owner SSP today said that chief executive Simon Smith would leave the firm at the end of the year. The firm said that Smith was departing to join a private equity-backed firm. SSP has started the search for a successor for Smith, who joined the business in 2014 and became chief [...]
Upper Crust owner SSP sees losses widen on Covid travel restrictions June 9, 2021 Upper Crust owner SSP today said its half year losses had widened as Covid travel restrictions battered sales. The London-based food provider, whose outlets are focused on travel hubs such as train stations, fell to an underlying pre-tax loss of £182m compared with a £10.7m loss in the same period in 2020. Like-for-like sales and [...]
SSP plots £475m rights issue to patch up battered balance sheet March 17, 2021 Upper Crust owner SSP today said that it would raise £475m through a rights issue to shore up its battered finances amid the ongoing pandemic. The travel food provider announced the raise as part of a suite of measures to tackle problems on its ailing balance sheet, warning that revenue would not return to pre-pandemic [...]
Upper Crust owner SSP swings to huge loss as travel restrictions continue December 17, 2020 Upper Crust owner SSP swung to a huge loss this year as the travel food operator’s sales suffered a sharp drop due to a reduction in passenger numbers. Profit plunged from £197.2m in 2019 to a loss of £425.8m in the year ended 30 September as the impact of coronavirus restrictions hurt sales. SSP reported [...]
The week ahead, 14-18 December: Shaftesbury, SSP, Petrofac, and interest rates December 13, 2020 All eyes will be fixed firmly on Brussels this week, as businesses across the country hold their breath to see if the UK can finally reach a deal with the EU. With markets on edge as they await the outcome of the talks, there’s little to distract traders, with only a handful of firms reporting [...]
Upper Crust owner SSP to slash 5,000 jobs as coronavirus knocks travel sector July 1, 2020 Upper Crust owner SSP has announced up to 5,000 job cuts as it attempts to survive a sector-wide coronavirus downturn in the travel industry. The job cuts will largely affect SSP’s UK head office and UK operations, the company said today, at a cost of between £8m and £10m. SSP said coronavirus has forced it [...]
Coronavirus: Upper Crust owner SSP launches major cash call and cuts jobs March 25, 2020 The owner of Upper Crust and Camden Food Co. SSP will issue new shares and slash jobs it said in a wide-ranging trading update on its strategy to survive the coronavirus slump. SSP will close outlets and reduce staff after encountering a 85 per cent plunge in business across its European sites amid the coronavirus [...]
Upper Crust owner SSP sales rise on strong UK passenger growth January 21, 2020 Upper Crust owner SSP Group reported a slight rise in sales at the end of last year as the travel hub food operator benefitted from growing passenger numbers in the UK and North America. Like-for-like sales in the three months ended 31 December grew 1.2 per cent, in line with expectations, the company said this [...]