Want to see GB:SSPG full AI Analyst Report?
Top Page
SSP Group plc
(LSE:SSPG)
Select Model
Select Model
Rating:58Neutral
Price Target:
187.00 p
▼(-7.79% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weaker financial performance (profitability challenges and high leverage) despite strong cash-flow indicators. Technicals are supportive with a clear uptrend and positive momentum, and the earnings call guidance is constructive (higher EPS outlook and >£100m free-cash-flow target) but balanced by conflict-driven demand risks, working-capital headwinds, and restructuring/non-underlying costs. Valuation is mixed: a modest dividend yield offsets but does not fully compensate for the negative P/E.
Positive Factors
Revenue and operating profit growth
Revenue growth combined with faster underlying operating profit growth indicates improving operating leverage and execution. If sustained, the stronger margin profile can support reinvestment, improve earnings resilience, and strengthen SSP’s ability to compete for attractive travel-location concessions.
Negative Factors
High financial leverage
High leverage and a thin equity base reduce financial flexibility and increase the sensitivity of shareholder returns to operating setbacks. Debt service and refinancing demands can constrain investment, dividends, or expansion if profitability does not improve consistently.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and operating profit growth
Revenue growth combined with faster underlying operating profit growth indicates improving operating leverage and execution. If sustained, the stronger margin profile can support reinvestment, improve earnings resilience, and strengthen SSP’s ability to compete for attractive travel-location concessions.
Read all positive factors
SSP Group plc (SSPG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.38B
Dividend Yield2.38%
Average Volume (3M)1.45M
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth4.58%
EPS Growth-24.15%
CountryUK
Employees49,000
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.04
Shares Outstanding748,431,300
10 Day Avg. Volume1,339,658
30 Day Avg. Volume1,454,654
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)16.70
Price to Sales (P/S)0.38
P/FCF Ratio2.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£212.75Price Target Upside4.91% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.16
Revenue Forecast (FY)£3.97B
SSP Group plc Business Overview & Revenue Model
Company Description
SSP Group plc is a prominent international concessionaire, managing a diverse portfolio of food and beverage establishments. These venues are strategically situated in high-footfall locations such as airports, train stations, motorway service area...
How the Company Makes Money
SSP Group makes money by operating food and beverage concessions in travel hubs under contractual agreements (concessions) with site landlords such as airport operators and rail/station authorities. Revenue is generated primarily from point-of-sal...
SSP Group plc Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 08, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational and financial progress: revenue and underlying operating profit growth, a positive half‑year EPS, margin improvements in Continental Europe, a clear free‑cash‑flow and CapEx discipline and structural steps in North America to improve shareholder conversion. However, material near‑term headwinds remain from the Middle East conflict (impacting Asia, Eastern Mediterranean and Gulf markets), H1 working‑capital outflows and ongoing non‑underlying and restructuring costs (notably European Rail exits). Management reiterated a >GBP 100m free‑cash‑flow target for the year and a planned pivot of capital away from lower returning European rail toward higher‑return opportunities, signalling constructive medium‑term positioning despite short‑term disruption.Positive Updates
Revenue and Profit Growth
Group revenues grew 6% to GBP 1.8bn; underlying operating profit increased 18% to GBP 50m; underlying operating margin expanded by 30 basis points. Reported operating profit was GBP 62.6m (includes ~GBP 11m non‑underlying items). Group H1 EPS flipped to a profit of 1.1p (vs a loss prior year).
Negative Updates
Middle East conflict disruption
The Gulf crisis materially affected trading in H2 to date: Gulf markets (~2% of group sales) trading at ~60% of prior‑year levels; surrounding Eastern Mediterranean and Asia (~14% of group sales) moved from +14% like‑for‑like in H1 to essentially flat in H2 to date; Asia Pac & EEME like‑for‑like fell to 8% in Q2 and was -4% in the first 6 weeks of H2 in that region. Management cites limited visibility going forward.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Profit Growth
Group revenues grew 6% to GBP 1.8bn; underlying operating profit increased 18% to GBP 50m; underlying operating margin expanded by 30 basis points. Reported operating profit was GBP 62.6m (includes ~GBP 11m non‑underlying items). Group H1 EPS flipped to a profit of 1.1p (vs a loss prior year).
Read all positive updates
Company Guidance
Guidance focused on steady profit, cash and returns: management expects FY‑26 EPS of 13.6–14.8p (vs FY‑25 11.9p), free cash flow pre‑dividend/pre‑buyback of >£100m, and a step‑up in return on capital employed beyond last year’s 18.7% (management cited a 70bp year‑on‑year improvement over the 12 months to end‑March); they are on track to lift Continental European operating margin from c.2.2% to over 3% this year, while group like‑for‑like sales ran at c.5% in Q1 and were ~3% in the early H2 run‑rate, H1 revenue was £1.8bn (+6%), underlying operating profit grew 18% to £50m (underlying margin +30bps), reported operating profit was £62.6m (≈£11m non‑underlying, ~£6m cash), H1 free cash outflow before dividends/buyback was £176m (prior year £117m), leverage is 2.2x net debt/EBITDA, H1 CapEx £93m with full‑year CapEx <£200m (~5% of sales), supply‑chain financing at c.£145m, and the buyback program has acquired ≈32m shares (~4%); management cautioned the outlook would be revisited if the operating environment (e.g., renewed Gulf conflict, fuel or travel‑sentiment shocks) deteriorates.SSP Group plc Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
40
Negative
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.74B | 3.64B | 3.43B | 3.01B | 2.19B | 834.20M |
| Gross Profit | 1.17B | 1.13B | 1.62B | 1.25B | 606.80M | -101.90M |
| EBITDA | 545.60M | 516.30M | 607.50M | 502.70M | 369.90M | -105.80M |
| Net Income | -29.10M | -74.40M | 27.40M | 8.10M | -10.20M | -357.30M |
Balance Sheet | ||||||
| Total Assets | 3.40B | 3.42B | 3.17B | 2.90B | 2.83B | 3.18B |
| Cash, Cash Equivalents and Short-Term Investments | 240.70M | 342.00M | 254.80M | 303.30M | 543.60M | 773.60M |
| Total Debt | 2.34B | 2.16B | 1.94B | 1.72B | 1.69B | 2.25B |
| Total Liabilities | 3.20B | 3.16B | 2.79B | 2.58B | 2.52B | 2.87B |
| Stockholders Equity | 6.40M | 82.10M | 227.20M | 226.20M | 225.00M | 240.30M |
Cash Flow | ||||||
| Free Cash Flow | 484.70M | 487.10M | 269.40M | 236.20M | 236.40M | 25.00M |
| Operating Cash Flow | 692.30M | 711.90M | 566.50M | 478.70M | 396.00M | 99.60M |
| Investing Cash Flow | -224.90M | -240.80M | -413.90M | -264.90M | -150.30M | -69.90M |
| Financing Cash Flow | -426.20M | -378.50M | -187.00M | -440.70M | -490.30M | 564.10M |
SSP Group plc Technical Analysis
Negative
202.80
Price Trends
190.51
Negative
190.17
Negative
184.61
Negative
Market Momentum
-2.07
Negative
42.09
Neutral
66.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SSPG, the sentiment is Negative. The current price of 202.8 is above the 20-day moving average (MA) of 184.76, above the 50-day MA of 190.51, and above the 200-day MA of 184.61, indicating a bearish trend. The MACD of -2.07 indicates Negative momentum. The RSI at 42.09 is Neutral, neither overbought nor oversold. The STOCH value of 66.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:SSPG.
SSP Group plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £1.87B | 10.13 | 6.41% | 2.89% | 2.96% | 9.30% | |
67 Neutral | £872.36M | 14.73 | -69.64% | 4.99% | 5.72% | -21.86% | |
64 Neutral | £375.09M | 5.24 | 9.30% | 6.05% | -0.52% | 68.53% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | £1.04B | 18.42 | 17.99% | 1.14% | 5.19% | -3.45% | |
59 Neutral | £408.62M | 20.05 | 5.14% | 2.71% | 5.71% | -19.77% | |
58 Neutral | £1.38B | -50.60 | -65.76% | 2.38% | 4.58% | -24.15% |
* Consumer Cyclical Sector Average
GB:SSPG
SSP Group plc
179.60
22.33
14.20%
GB:DOM
Domino's Pizza
216.60
28.61
15.22%
GB:FSTA
Fuller Smith & Turner
786.00
196.07
33.24%
GB:MARS
Marston's
58.00
11.10
23.67%
GB:MAB
Mitchells & Butlers
311.00
56.00
21.96%
GB:JDW
J D Wetherspoon
1,019.00
371.43
57.36%
SSP Group plc Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
SSP Group Executive Increases Stake Through Share Incentive Plan
Positive
Oct 19, 2026
SSP Group plc has disclosed a share transaction by Satya Menard, CEO Continental Europe, under its International Share Incentive Plan. On 16 October 2026, Menard purchased 81 partnership shares at £1.795 each and received rights to 40 matchin...
Business Operations and StrategyStock Buyback
SSP Group Tightens Share Capital with Launch of £50m Buyback
Positive
Oct 19, 2026
SSP Group plc has begun executing its previously announced £50 million share repurchase programme, buying 738,005 ordinary shares for cancellation between 12 and 16 October 2026 at a volume-weighted average price of 174.3235 pence. Following ...
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback, Cuts Share Count Further
Positive
Oct 12, 2026
SSP Group plc has continued its £100 million share repurchase programme, buying 1,130,708 ordinary shares on the London Stock Exchange between 5 and 9 October 2026 for cancellation. The trades, executed via Barclays Bank plc, were made at a v...
Business Operations and StrategyStock Buyback
SSP Group Launches £50m Share Buyback to Cut Share Capital
Positive
Oct 9, 2026
SSP Group plc has launched a new share buyback programme of up to £50 million, following the completion of a previous buyback, in a move that underscores its strengthened and sustainable cash generation. The programme, running from 12 October...
Business Operations and StrategyStock BuybackFinancial Disclosures
SSP Group lifts earnings and cash flow, launches £50m buyback despite travel headwinds
Positive
Oct 9, 2026
SSP Group reported full-year revenue of about £3.8bn, up 5% year-on-year, with like-for-like sales growth of 4% and Q4 like-for-like sales up 4%, despite weaker passenger numbers in APAC and parts of EEME due to the Middle East conflict. Earn...
Business Operations and StrategyRegulatory Filings and Compliance
SSP Group CEO Adds Shares Under UK Employee Incentive Plan
Neutral
Oct 6, 2026
SSP Group plc has disclosed that Kari Daniels, CEO for the UK and Ireland, purchased partnership shares and received matching shares under the company’s UK Share Incentive Plan. The transaction involved acquiring ordinary shares at £1.8...
Executive/Board ChangesRegulatory Filings and Compliance
SSP Group CEO Patrick Coveney Receives Deferred Share Award and Sells Shares to Cover Tax
Neutral
Oct 5, 2026
SSP Group plc has disclosed a transaction involving its Group CEO, Patrick Coveney, under the company’s Deferred Share Bonus Plan related to his bonus for the financial year ended 30 September 2023. The conditional share award, which was sub...
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback, Cancels Over 54m Shares
Positive
Oct 5, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 1,150,000 ordinary shares for cancellation between 28 September and 2 October 2026 at a volume-weighted average price of 189.9275p. The purchases, condu...
Regulatory Filings and Compliance
SSP Group Confirms Total Voting Rights and Share Capital
Neutral
Oct 1, 2026
SSP Group plc has confirmed that as of 1 October 2026 its issued share capital comprises 751,219,986 ordinary shares, all of which carry voting rights and none of which are held in treasury. This disclosure sets the official total voting rights fi...
Business Operations and StrategyStock Buyback
SSP Group Cancels Further Shares as £100m Buyback Progresses
Positive
Sep 28, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 1,169,703 ordinary shares for cancellation between 21 and 25 September 2026 via on-exchange transactions with Barclays Bank at a volume-weighted averag...
Business Operations and StrategyStock Buyback
SSP Group Extends £100m Buyback, Cuts Share Count to 752.6m
Positive
Sep 21, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 1,146,329 ordinary shares for cancellation between 14 and 18 September 2026 via on-exchange transactions with Barclays Bank on the London Stock Exchang...
Executive/Board ChangesRegulatory Filings and Compliance
SSP Group Executive Acquires Shares Under Incentive Plan
Positive
Sep 16, 2026
SSP Group plc has disclosed a transaction involving Satya Menard, CEO Continental Europe, under its International Share Incentive Plan. Menard acquired 82 partnership shares in the company at £1.783 per share and received rights to 41 matchin...
Business Operations and StrategyStock Buyback
SSP Group Cancels Over 1.1 Million Shares in Ongoing £100m Buyback
Positive
Sep 14, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 1,142,677 ordinary shares for cancellation between 7 and 11 September 2026 at a volume-weighted average price of 191.09 pence. These purchases, made via...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
SSP Group Discloses Executive Participation in UK Share Incentive Plan
Positive
Sep 8, 2026
SSP Group plc has reported that UK-based persons discharging managerial responsibility participated in its UK Share Incentive Plan, acquiring partnership shares and receiving matching shares in the company. The plan is open to all UK employees, su...
Stock BuybackFinancial Disclosures
SSP Group Cancels Further Shares as Buyback Programme Advances
Positive
Sep 7, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 919,405 ordinary shares for cancellation between 1 and 4 September 2026. The purchases, carried out via on-exchange transactions with Barclays Bank plc...
Business Operations and StrategyStock Buyback
SSP Group cancels over 1.1 million shares in ongoing £100m buyback
Positive
Sep 1, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 1,142,281 ordinary shares for cancellation between 24 and 28 August 2026 at a volume-weighted average price of 201.7498 pence. The purchases, conducted ...
Regulatory Filings and Compliance
SSP Group Updates Total Voting Rights and Share Capital
Neutral
Sep 1, 2026
SSP Group plc has confirmed that as of 28 August 2026 its issued share capital comprises 756,288,100 ordinary shares, all of which carry voting rights. The company holds no shares in treasury, meaning the total number of voting rights is also 756,...
Business Operations and StrategyStock Buyback
SSP Group Cuts Share Count Further as £100m Buyback Advances
Positive
Aug 24, 2026
SSP Group plc has continued its £100 million share repurchase programme, buying 1,137,941 ordinary shares for cancellation between 17 and 21 August 2026 at a volume-weighted average price of 204.3352p. The transactions, conducted via Barclays...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
SSP Group Discloses Share Incentive Award to Continental Europe CEO
Positive
Aug 19, 2026
SSP Group plc has disclosed a share transaction involving Satya Menard, CEO Continental Europe, under its International Share Incentive Plan. The transaction reflects ongoing use of equity-based incentives to align senior regional leadership with ...
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback With Latest Share Cancellations
Positive
Aug 17, 2026
SSP Group plc is a U.K.-listed operator of food and beverage outlets, primarily serving the travel sector through concessions in airports, rail stations and other transport hubs worldwide. The company focuses on branded and own-concept restaurants...
Business Operations and StrategyStock Buyback
SSP Group Advances £100 Million Buyback, Further Cutting Share Count
Positive
Aug 10, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 1,146,836 ordinary shares on the London Stock Exchange between 3 and 7 August 2026 for cancellation. The purchases, made at an average price of about 2...
Executive/Board ChangesRegulatory Filings and Compliance
SSP Group CEO boosts stake through UK Share Incentive Plan
Positive
Aug 6, 2026
SSP Group plc has disclosed that UK and Ireland chief executive Kari Daniels acquired ordinary shares under the company’s UK Share Incentive Plan, purchasing partnership shares at £2.121 each and receiving additional matching shares at ...
Regulatory Filings and Compliance
SSP Group Confirms Total Voting Rights at Over 760 Million Shares
Neutral
Aug 3, 2026
SSP Group plc has reported that, as of 31 July 2026, its issued share capital comprises 760,862,084 ordinary shares, each carrying voting rights, with no shares held in Treasury. This confirms the total number of voting rights in the company and p...
Business Operations and StrategyStock BuybackFinancial Disclosures
SSP Group Cancels Nearly One Million Shares in Ongoing Buyback
Positive
Aug 3, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 988,861 ordinary shares for cancellation between 27 and 31 July 2026 from Barclays Bank plc via on-exchange transactions on the London Stock Exchange. F...
Business Operations and StrategyStock BuybackFinancial Disclosures
SSP Group Holds Course on Full-Year Targets as Travel Hub Sales Rise
Positive
Jul 28, 2026
SSP Group, a major food and beverage operator in travel hubs worldwide, continues to expand its network of restaurants, cafés and convenience outlets across airports and rail stations, supported by a portfolio of global and local brands. The ...
Business Operations and StrategyStock Buyback
SSP Group Cuts Share Count Further as Buyback Programme Continues
Positive
Jul 27, 2026
SSP Group plc has continued its £100 million share repurchase programme, confirming that between 20 and 24 July 2026 it bought 1,150,000 ordinary shares on the London Stock Exchange from Barclays Bank plc for cancellation. The purchases were ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.