SSP Group PLC (LSE:SSPG)

£ 1.784 0.015 (0.85%) Market Cap: 1.42 Bil Enterprise Value: 3.06 Bil PE Ratio: 178.40 PB Ratio: 7.50 GF Score: 66/100

Q1 2022 SSP Group PLC Trading Statement Call Transcript

Feb 04, 2022 / 08:00AM GMT

Release Date Price: £2.66 (+0.72%)

Transcript

Jonathan Davies

SSP Group plc - Deputy CEO, CFO & Executive Director

Good morning, everybody, and thank you for joining us on the call today. I'm going to start with a short overview of current trading and then move straight on to Q&A. So we've had a good start to the new financial year despite the impact of the Omicron variant on the travel sector in recent weeks with group sales at 62% of 2019 levels over the first 4 months of the financial year.

Now as we said at the prelims in early December, trading had recovered well over the early autumn with sales running at around 66% of 2019 levels in the first 9 weeks of the year, so October and November. This recovery was led by the Rail sector at around 71%, which benefited from a return to office work and commuter travel as well as strengthening leisure traffic. Whilst the Air sector at 62% was boosted by an extended holiday season into the autumn across the U.K., Continental Europe and North America.

Now as you'd expect, the spread of Omicron around the world and the subsequent government restrictions have inevitably had an

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