Declared Dividend • May 21
First half dividend of UK£0.016 announced Shareholders will receive a dividend of UK£0.016. Ex-date: 28th May 2026 Payment date: 26th June 2026 Dividend yield will be 2.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (7% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • May 21
First half 2026 earnings released: UK£0.02 loss per share (vs UK£0.077 loss in 1H 2025) First half 2026 results: UK£0.02 loss per share (improved from UK£0.077 loss in 1H 2025). Revenue: UK£1.76b (up 6.2% from 1H 2025). Net loss: UK£16.2m (loss narrowed 74% from 1H 2025). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Duyuru • Mar 06
SSP Group Plc Announces Board Changes Intertek Group Plc announced that Andrew Martin, Chairman, will be appointed as Chair of the Board of SSP Group Plc with effect from June 1, 2026. Following his appointment, Andrew will also assume the role of Chair of the Nomination Committee. Andrew succeeds Carolyn Bradley, who has served as Interim Chair since the AGM on 23 January 2026. Carolyn will remain on the Board as Senior Independent Director. Andrew has extensive experience across the global consumer, travel, hospitality and support services sectors. He is currently Chair of Intertek Group plc, a FTSE 100 company, and is stepping down at the end of May 2026 after more than five years in his current role and ten years in total as a Non-Executive Director. He was previously Chair of Hays plc, and has also served as a Non-Executive Director of easyJet plc and John Lewis Partnership plc, where he chaired the Audit and Risk Committee. Andrew held Board-level executive roles at Compass Group plc from 2004 to 2015, including Group Chief Operating Officer for Europe and Japan, and Group Finance Director. Prior to that, he was Group Finance Director of First Choice Holidays plc (now part of the TUI Group). Andrew is a Chartered Accountant. Duyuru • Dec 05
SSP Group plc Revises Earnings Guidance for the Financial Year 2026 SSP Group plc revised earnings guidance for the financial year 2026. For the year, The company expects to deliver earnings per share towards the upper end of the guidance range of 12.9 to 13.9 that the company gave in October. Duyuru • Nov 11
SSP Group plc, Annual General Meeting, Jan 23, 2026 SSP Group plc, Annual General Meeting, Jan 23, 2026. Duyuru • Nov 10
SSP Group plc Announces Chair and Director Mike Clasper CBE to Step Down Following 2026 AGM on 23 January 2026 SSP Group plc (SSP) announced that Mike Clasper CBE has informed the Board that he intends to step down as both Chair and Director following the Company's 2026 AGM on 23 January 2026. Mike joined SSP as a Non-Executive Director and Chair designate in November 2019 and was appointed Chair in February 2020. The Board has initiated a process for the appointment of a successor, led by Carolyn Bradley, Senior Independent Director. If a successor has not been appointed by the 2026 AGM, Carolyn will become Interim Chair. Duyuru • Oct 09
SSP Group plc to Report Fiscal Year 2025 Results on Dec 04, 2025 SSP Group plc announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Dec 04, 2025 Duyuru • Sep 25
Irenic Capital Urges SSP Group for a Potential Take Private Deal On September 25, 2025, Irenic Capital Management LP is promoting SSP Group plc to private equity firms for a potential take-private deal, suggests the Company could be valued at a 50% premium over its current market value, highlights Company’s predictable revenues, growth potential in US airports, and ability to raise capital by selling non-core assets, including its stake in Travel Food Services. Irenic Capital stated that the Company has faced challenges recovering post-COVID, especially due to slow UK rail travel rebound, operating margin dropped to 2.7% in early 2025, down from 5% in 2019. In addition, the Company acknowledged investor feedback and emphasized its focus on strategic priorities for sustainable growth, Company’s CEO Patrick Coveney admitted the recovery hasn’t yet met expected margins and returns. Duyuru • Jan 29
SSP Group plc Declares Final Dividend for the Financial Year Ended 30 September 2024, Payable on 27 February 2025 SSP Group plc at its Annual General Meeting held on 28 January 2025, approved the final dividend recommended by the Directors of 2.3 pence per share for the financial year ended 30 September 2024 and to declare it payable on 27 February 2025. Duyuru • Jan 28
SSP Group plc to Report First Half, 2025 Results on May 20, 2025 SSP Group plc announced that they will report first half, 2025 results on May 20, 2025 Duyuru • Jan 24
SSP Group plc Announces CFO Changes SSP Group plc announced that, after 20 years of service, Jonathan Davies, Chief Financial Officer, has given the Board notice of his intention to retire. Company also announce that Geert Verellen will join the Company in early April 2025 as CFO Designate. Geert has extensive financial and operational experience in international consumer, food and retailing companies, most recently as Chief Financial Officer from 2020 to 2024 at Maple Leaf Foods Inc, a listed multi-national food manufacturing company in Canada. Prior to this, he served as Regional CFO at Walmart Inc. overseeing finance operations in Canada, Japan & India from 2015 to 2019. Between 2002 and 2015, Geert held multiple senior finance roles at Delhaize Group, including Senior VP of Finance for Delhaize Belgium, VP of Group Investor Relations, and Director of Accounting of the Belgium operations. He began his finance career at PricewaterhouseCoopers, working in the US and Belgium. Geert has a Masters in Commercial Engineering and a Certificate in Applied Economics and Accountancy, from the University of Antwerp. Geert will assume the role of Chief Financial Officer and join the Board from 9 June 2025. To ensure continuity and a smooth transition, Jonathan has agreed with the Company that he will remain on the Board until 30 September 2025 and will continue in his role as Deputy CEO until the end of December 2025, which will enable company to benefit from his deep experience of SSP's business and his executive leadership of Travel Food Services, SSP's joint venture in India, through the execution of its planned IPO and its transition to becoming a successful listed business. Duyuru • Jan 23
SSP Group plc Announces Retirement of Jonathan Davies as Deputy Chief Executive Officer SSP Group plc announced that, after 20 years of service, Jonathan Davies, Deputy Chief Executive Officer, has given the Board notice of his intention to retire. Jonathan has been the Group Chief Financial Officer of SSP since its original formation within Compass Group in 2004, through its period of private ownership by EQT, its IPO on the London stock market in 2014, and its subsequent transformation into the leading global food travel business it is today. He was appointed Deputy Chief Executive Officer in 2021 and played a key role in successfully navigating the business through the unprecedented challenges of the Covid-19 period. During his tenure, SSP has expanded its footprint into many new regions, including North America, India, Australia, the Middle East, and a number of South-East Asian markets. Duyuru • Dec 06
SSP Group plc, Annual General Meeting, Jan 28, 2025 SSP Group plc, Annual General Meeting, Jan 28, 2025. Duyuru • Dec 03
SSP Group Announces Retirement of Kelly Kuhn as Independent Non-Executive Director, Effective January 28, 2025 SSP Group plc announced that Kelly Kuhn, Independent Non-Executive Director, has decided that she will not stand for re-election at the 2025 Annual General Meeting. Kelly will therefore retire from the Board at the conclusion of the AGM on 28 January 2025. Duyuru • Nov 13
SSP Group plc Appoints Karina Deacon as Independent Non-Executive Director, Effective 1 January 2025 SSP Group plc announced the appointment of Karina Deacon as independent Non-Executive Director of the Company with effect from 1 January 2025. Karina will be a member of both the Audit and Nomination Committees. Karina is an experienced business leader with a strong financial background and significant experience in industries aligned with SSP's markets. Having started her career as an auditor with PricewaterhouseCoopers, she has held various management positions at large, Danish-listed companies, spending 13 years with the facilities management company ISS A/S, four years as Group CFO of the cleaning equipment manufacturer Nilfisk A/S, as well as four years as CFO of Saxo Bank A/S. From early 2020 to May 2024, Karina served as Group CFO and member of the Executive Management of the shipping and logistics company DFDS A/S. Having worked in leadership roles within complex, international companies, Karina brings valuable industry experience across numerous areas including finance, business transformation, capital markets, M&A, strategy planning and risk management. Karina currently serves as Non-Executive Director and Chair of the Audit Committee of Norwegian Air Shuttle ASA, an airline company listed on the Oslo Stock Exchange. In addition, she is a Non-Executive Director and Chair of the Audit Committee of VELUX A/S, a Danish-based manufacturer of roof windows, and a Non-Executive Director of Maersk Training A/S. She holds a Master of Economics and Business Administration from the Aarhus Business School in Denmark. Buy Or Sell Opportunity • Oct 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to €1.82. The fair value is estimated to be €2.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 1,220% in the next 2 years. Buy Or Sell Opportunity • Sep 20
Now 21% undervalued Over the last 90 days, the stock has risen 5.3% to €1.78. The fair value is estimated to be €2.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 1,285% in the next 2 years. Buy Or Sell Opportunity • Aug 23
Now 20% undervalued Over the last 90 days, the stock has risen 2.1% to €1.96. The fair value is estimated to be €2.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 1,285% in the next 2 years. Buy Or Sell Opportunity • Aug 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €1.90. The fair value is estimated to be €2.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 1,285% in the next 2 years. Reported Earnings • May 22
First half 2024 earnings released: UK£0.013 loss per share (vs UK£0.013 loss in 1H 2023) First half 2024 results: UK£0.013 loss per share (in line with 1H 2023). Revenue: UK£1.52b (up 15% from 1H 2023). Net loss: UK£10.5m (loss widened 5.0% from 1H 2023). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Duyuru • Jan 31
SSP Group plc Approves the Final Dividend for the Financial Year Ended 30 September 2023, Payable on 29 February 2024 SSP Group plc approved the final dividend recommended by the Directors of 2.5 pence per share for the financial year ended 30 September 2023 and to declare it payable on 29 February 2024, at its AGM, held on 30 January 2024 . Upcoming Dividend • Jan 25
Upcoming dividend of UK£0.025 per share at 1.1% yield Eligible shareholders must have bought the stock before 01 February 2024. Payment date: 29 February 2024. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (2.6%). Buying Opportunity • Dec 29
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €3.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 47% per annum over the same time period. Duyuru • Dec 20
SSP Group plc, Annual General Meeting, Jan 30, 2024 SSP Group plc, Annual General Meeting, Jan 30, 2024, at 10:00 Coordinated Universal Time. Location: offices of Travers Smith LLP 10 Snow Hill, London, EC1A 2AL. London United Kingdom Duyuru • Dec 14
SSP Group plc (LSE:SSPG) acquired ECG Ventures Ltd. SSP Group plc (LSE:SSPG) acquired ECG Ventures Ltd on December 14, 2023.
SSP Group plc (LSE:SSPG) completed the acquisition of ECG Ventures Ltd on December 14, 2023. Buying Opportunity • Dec 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.6%. The fair value is estimated to be €3.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 48% per annum over the same time period. Duyuru • Dec 08
SSP Group plc to Report Fiscal Year 2023 Final Results on Dec 19, 2023 SSP Group plc announced that they will report fiscal year 2023 final results on Dec 19, 2023 Reported Earnings • Dec 06
Full year 2023 earnings released: EPS: UK£0.01 (vs UK£0.013 loss in FY 2022) Full year 2023 results: EPS: UK£0.01 (up from UK£0.013 loss in FY 2022). Revenue: UK£3.01b (up 38% from FY 2022). Net income: UK£8.10m (up UK£18.3m from FY 2022). Profit margin: 0.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Duyuru • Nov 11
Ssp Group Appoints Ann-Marie Murphy as Chief People Officer SSP Group announced the appointment of Ann-marie Murphy as Chief People Officer. She will take up her role early next year. Ann-marie joins from The Gym Group plc, one of the UK's fastest growing gym operators, where she is Chief Operations Officer. She joined The Gym Group in 2018, initially in the role of Director of People and Development and later as Chief People Officer, where she set up the company's people function, designing and delivering strategies for talent, LD, performance, inclusion and reward. Prior to The Gym Group, Ann-marie was Group Human Resources Director at New Look Retailers, where she established the Global HR function. She worked for nearly 13 years at Tui Travel plc, holding a variety of senior HR roles, with a remit covering the UK, North America, France, Spain and Australia. New Risk • Nov 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Duyuru • Sep 22
SSP Group plc to Report Fiscal Year 2023 Results on Dec 05, 2023 SSP Group plc announced that they will report fiscal year 2023 results on Dec 05, 2023 Buying Opportunity • Sep 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be €3.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings is also forecast to grow by 46% per annum over the same time period. Duyuru • Sep 13
French Competition Authority Announces Decision on Aéroports de Paris and Select Service Partner to Form Joint Venture Groupe ADP takes note of the French Competition Authority's decision authorizing the creation of a full-function joint venture - Extime Food & Beverage Paris - jointly controlled by Aéroports de Paris and Select Service Partner, dedicated to the management of food and beverage points of sales at Paris-Charles de Gaulle and Paris-Orly airports. On March 22, 2021, Aéroports de Paris launched a call for tenders with publication in the Official Journal of the European Union, to select an industrial partner to create a joint venture dedicated to the management of restaurant points of sales at Paris-Charles de Gaulle and Paris-Orly airports, for a period of ten years. Following this tender, Select Service Partner (SSP) was selected as the industrial partner to acquire 50% of the capital and voting rights of Extime Food & Beverage Paris. In line with merger control regulations, Aéroports de Paris and SSP jointly notified the French Competition Authority of their plans to create this joint venture. During the investigation of the notified transaction, the French Competition Authority opened an in-depth analysis phase1. At the end of this last phase, the French Competition Authority issued, on August 4, 2023, a favorable decision unconditionally authorizing implementation of the notified transaction. SSP and Aéroports de Paris will now be able to set up this joint venture as soon as possible and begin selecting the food and beverage partners it needs to support its hospitality strategy. Buying Opportunity • Sep 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €3.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 46% per annum over the same time period. Buying Opportunity • Aug 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be €3.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 770% in the next 2 years. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Duyuru • Jun 22
SSP Group plc Provides Earnings Guidance for the Fiscal Year 2023 and 2024 SSP Group plc provided earnings guidance for the fiscal year 2023 and 2024. for the year 2023, the company expects revenue in the range of £2.9 billion £3.0 billion and for a corresponding EPS (underlying pre-IFRS 16) in the range of 7.0 pence-7.5 pence.For the year 2024, the company expects revenues in the region of £3.2 billion to £3.4 billion. Reported Earnings • May 24
First half 2023 earnings released: UK£0.013 loss per share (vs UK£0.041 loss in 1H 2022) First half 2023 results: UK£0.013 loss per share (improved from UK£0.041 loss in 1H 2022). Revenue: UK£1.32b (up 64% from 1H 2022). Net loss: UK£10.0m (loss narrowed 69% from 1H 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • May 05
SSP Group plc (LSE:SSPG) agreed to acquire Midfield concessions business from Midfield Concession Enterprises, Inc. SSP Group plc (LSE:SSPG) agreed to acquire Midfield concessions business from Midfield Concession Enterprises, Inc. on May 4, 2023. The acquisition is expected to complete in late Summer, subject to all necessary approvals. Duyuru • Feb 04
SSP Group plc to Report Fiscal Year 2022 Final Results on Feb 16, 2023 SSP Group plc announced that they will report fiscal year 2022 final results on Feb 16, 2023 Reported Earnings • Jan 07
Full year 2022 earnings released: UK£0.013 loss per share (vs UK£0.51 loss in FY 2021) Full year 2022 results: UK£0.013 loss per share (improved from UK£0.51 loss in FY 2021). Revenue: UK£2.19b (up 162% from FY 2021). Net loss: UK£10.2m (loss narrowed 97% from FY 2021). Same store sales growth: 154.7% vs FY 2021 Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Duyuru • Jan 06
SSP Group plc, Annual General Meeting, Feb 16, 2023 SSP Group plc, Annual General Meeting, Feb 16, 2023, at 11:00 Coordinated Universal Time. Location: at the offices of Travers Smith LLP, 10 Snow Hill London United Kingdom Reported Earnings • Dec 07
Full year 2022 earnings released: UK£0.013 loss per share (vs UK£0.51 loss in FY 2021) Full year 2022 results: UK£0.013 loss per share (improved from UK£0.51 loss in FY 2021). Revenue: UK£2.19b (up 162% from FY 2021). Net loss: UK£10.2m (loss narrowed 97% from FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Duyuru • Nov 19
SSP Group plc (LSE:SSPG) acquired AMT Coffee Ltd. from administration. SSP Group plc (LSE:SSPG) acquired AMT Coffee Ltd. from administration on November 18, 2022. All the business and assets were subsequently sold to SSP,18 sites to close with immediate effect and around 100 employees made redundant, 25 sites were retained that will continue to trade under the AMT Coffee brand name and around 200 employees will also transfer across to SSP.
SSP Group plc (LSE:SSPG) completed the acquisition of AMT Coffee Ltd. from administration on November 18, 2022. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Kelly Kuhn was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €2.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 45% over the last 3 years. Meanwhile, the company became loss making. Duyuru • Jul 14
SSP Group plc Re-Affirms Sales Guidance for the Full Year of 2022 SSP Group plc re-affirms sales guidance for the full year of 2022. For the year, the company now expect to deliver sales in the region of £2.1 billion, which is at the upper end of previous full year guidance range. Reported Earnings • May 26
First half 2022 earnings released: UK£0.041 loss per share (vs UK£0.49 loss in 1H 2021) First half 2022 results: UK£0.041 loss per share (up from UK£0.49 loss in 1H 2021). Revenue: UK£803.2m (up 213% from 1H 2021). Net loss: UK£32.4m (loss narrowed 88% from 1H 2021). Over the next year, revenue is forecast to grow 72%, compared to a 34% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Duyuru • May 24
SSP Group plc Provides Sales Guidance for the Second Half of 2022 and Full Year 2022 SSP Group plc provided sales guidance for the second half of 2022 and full year 2022. For the second half period, the company’s second half has started well with sales strengthening further to an average of c.83% of 2019 levels in the first six weeks, led by Continental Europe and North America where revenues are back to well above 80%, driven by a very strong recovery in domestic and leisure demand. In the UK, sales are back to c.82% of pre-Covid-19 levels, with the air sector boosted by strong leisure demand, and the rail business helped by the return of commuters in increasing numbers. In the Rest of the World, the picture remains more mixed with strong recoveries in the Middle East, India, Australia and Thailand being offset by very limited travel activity in China and Hong Kong, which the company expects to continue in the near term. Whilst there remains uncertainty in the outlook, including from Covid-19 and the current geopolitical and macroeconomic situation, the company remains confident that it is well positioned for a strong summer period in the company's key markets, notwithstanding the short-term supply chain challenges being seen across the travel industry as it fully remobilises. The company's current expectation is for sales in the second half of the year to be around 80%-85% of pre-Covid-19 levels and for full year sales to be in the region of £2.0 billion to £2.1 billion. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Kelly Kuhn was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 10
Independent Chairman of the Board recently bought €239k worth of stock On the 7th of February, Michael Clasper bought around 75k shares on-market at roughly €3.19 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Board Change • Feb 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Kelly Kuhn was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 08
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: UK£0.51 loss per share (up from UK£0.76 loss in FY 2020). Revenue: UK£834.2m (down 42% from FY 2020). Net loss: UK£357.3m (loss narrowed 4.7% from FY 2020). Same store sales growth: Down 41.0% vs FY 2020 Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 132%, compared to a 23% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 09
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: UK£0.51 loss per share (up from UK£0.76 loss in FY 2020). Revenue: UK£834.2m (down 42% from FY 2020). Net loss: UK£357.3m (loss narrowed 4.7% from FY 2020). Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 132%, compared to a 23% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Duyuru • Oct 01
SSP Group plc Provides Sales Guidance for the Year 2022 SSP Group plc provided sales guidance for the year 2022. The stronger trading and cash flow performance in the second half of the 2021 financial year is encouraging and the medium-term outlook of a return to pre-Covid levels of like-for-like revenue by 2024 remains unchanged. Reflecting this, its expectation for profit conversion on reduced sales in 2022 compared to 2019 continues to be at the upper end of a range of 25-30%. Reported Earnings • Jun 12
First half 2021 earnings released: UK£0.49 loss per share (vs UK£0.08 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: UK£256.7m (down 79% from 1H 2020). Net loss: UK£261.5m (loss widened UK£225.4m from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Executive Departure • Mar 03
Independent Non-Executive Director has left the company On the 28th of February, Per Utnegaard's tenure as Independent Non-Executive Director ended after 5.7 years in the role. As of December 2020, Per personally held 14.67k shares (€53k worth at the time). Per is the only executive to leave the company over the last 12 months. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue misses expectations Revenue missed analyst estimates by 0.8%. Over the next year, revenue is expected to shrink by 3.6% compared to a 27% growth forecast for the Hospitality industry in Germany. Reported Earnings • Feb 24
Full year 2020 earnings released: UK£0.76 loss per share (vs UK£0.28 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: UK£1.43b (down 49% from FY 2019). Net loss: UK£375.0m (down 396% from profit in FY 2019). Same store sales growth: Down 50.8% vs FY 2019 Over the last 3 years on average, earnings per share has fallen by 70% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Duyuru • Feb 16
SSP Group plc Announces the Retirement of Per Utnegaard, Independent Non-Executive Director SSP Group plc announces that having served on the Board for almost six years, Per Utnegaard, Independent Non-Executive Director, has decided to retire from the Board of SSP in order to focus on other commitments. Per will therefore not stand for re-election at the upcoming AGM and will retire with effect from 28 February 2021. Is New 90 Day High Low • Feb 12
New 90-day low: €3.16 The company is down 11% from its price of €3.55 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.48 per share. Recent Insider Transactions • Dec 25
Independent Chairman of the Board recently bought €111k worth of stock On the 23rd of December, Michael Clasper bought around 31k shares on-market at roughly €3.57 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Analyst Estimate Surprise Post Earnings • Dec 18
Revenue misses expectations Revenue missed analyst estimates by 0.8%. Over the next year, revenue is forecast to stay flat compared to a 28% growth forecast for the Hospitality industry in Germany. Reported Earnings • Dec 18
Full year 2020 earnings released: UK£0.76 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: UK£1.43b (down 49% from FY 2019). Net loss: UK£375.0m (down 396% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 70% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Duyuru • Dec 17
SSP Group plc, Annual General Meeting, Feb 26, 2021 SSP Group plc, Annual General Meeting, Feb 26, 2021. Is New 90 Day High Low • Dec 05
New 90-day high: €3.98 The company is up 40% from its price of €2.85 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.33 per share. Valuation Update With 7 Day Price Move • Nov 28
Market bids up stock over the past week After last week's 16% share price gain to UK£3.88, the stock is trading at a trailing P/E ratio of 24.7x, up from the previous P/E ratio of 21.3x. This compares to an average P/E of 23x in the Hospitality industry in Germany. Total return to shareholders over the past three years is a loss of 45%. Valuation Update With 7 Day Price Move • Nov 23
Market pulls back on stock over the past week After last week's 16% share price decline to UK£3.34, the stock is trading at a trailing P/E ratio of 22.2x, down from the previous P/E ratio of 26.4x. This compares to an average P/E of 24x in the Hospitality industry in Germany. Total return to shareholders over the past three years is a loss of 53%. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 54% share price gain to UK£3.07, the stock is trading at a trailing P/E ratio of 23.4x, up from the previous P/E ratio of 15.2x. This compares to an average P/E of 23x in the Hospitality industry in Germany. Total return to shareholders over the past three years is a loss of 51%. Is New 90 Day High Low • Nov 10
New 90-day high: €3.07 The company is up 13% from its price of €2.71 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.59 per share. Duyuru • Oct 17
SSP Group plc to Report Fiscal Year 2020 Results on Dec 15, 2020 SSP Group plc announced that they will report fiscal year 2020 results on Dec 15, 2020 Duyuru • Oct 02
SSP Group plc Announces Appointment of Tim Lodge as Independent Non-Executive Director and Member of the Audit Committee, Effective October 1, 2020 SSP Group plc announced the appointment of Tim Lodge as an independent non-executive director of the company with effect from 1 October 2020. Tim will also serve as a member of the Board's Audit Committee. Tim has a strong finance and accounting background and brings relevant food and beverage sector and supply chain experience to the Board having held various positions with Tate & Lyle plc from 1988 to 2014, including six years as chief financial officer from 2008. More recently he was chief financial officer at COFCO International Limited, the international agriculture supply chain company, and the Nidera group, part of the COFCO International group. Tim is currently a non-executive director and chair of the audit committee of both Aryzta AG, a leader in frozen bakery, and of Arco Limited, experts in safety. 
