Jan 23 (Reuters) - Upper Crust owner SSP Group reported strong first-quarter sales and reiterated its annual forecast on Friday, supported by a robust UK business and pick-up in North America, while
SSP Group Maintains Annual Forecast Following Strong Q1 Sales
SSP Group's Financial Performance Overview
Jan 23 (Reuters) - SSP Group reiterated its annual forecast on Friday after logging strong first-quarter sales, supported by a robust UK business and pick-up in North America, as the Upper Crust owner pushes ahead with its turnaround efforts to boost margins.
Sales Growth and Market Trends
The company, which operates food outlets at airports and train stations worldwide, is cutting costs, refreshing offerings, improving customer experience and expanding in high‑growth markets to lift profits and offset weakness in Europe.
Cost-Cutting and Expansion Strategies
"The new financial year has started well, with positive revenue momentum. We are making good progress in driving improved performance," the company said.
Analyst Insights and Market Reactions
Group like-for-like sales rose 5% year-on-year on constant currency rates in the three months to December 31, despite some seasonal fluctuations and the U.S. government shutdown creating some volatility.
SSP Group shares were up 2.2% in early trading in London.
RBC Capital Markets analysts said they were encouraged by "particularly strong trends" in the UK, with SSP continuing to gain share in the key U.S. travel market. They said SSP's update could be a positive for other travel-related companies.
($1 = 0.7440 pounds)
(Reporting by Neeshita Beura and Ankita Bora in Bengaluru; Editing by Subhranshu Sahu)
