SSP Group PLC (GB:SSPG)
LSE:SSPG
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SSP Group plc
(LSE:SSPG)
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Rating:50Neutral
Price Target:
182.00 p
▼(-8.54% Downside)
Action:Reiterated
Date:05/19/26
Overall score reflects pressured financial quality and leverage with only modest profitability progress, compounded by a clearly bearish technical trend. These negatives are partially offset by strong cash-flow metrics and a generally positive earnings-call outlook with specific FY26 EPS/free-cash-flow/ROCE targets, while valuation support is limited by a negative P/E despite a moderate dividend yield.
Positive Factors
Free cash flow growth & targets
SSP’s material free cash flow expansion (44.97%) and a board-backed >£100m FY26 pre-distribution target indicate durable cash-generation improvements. Strong cash conversion supports debt servicing, reinvestment in higher-return sites and disciplined capital allocation over the medium term.
Negative Factors
High leverage
Significant leverage (high debt-to-equity and ~2.2x net debt/EBITDA) limits financial flexibility. Elevated debt increases refinancing and interest-rate sensitivity, constrains ability to fund exits or opportunistic investments and raises downside risk if trading weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow growth & targets
SSP’s material free cash flow expansion (44.97%) and a board-backed >£100m FY26 pre-distribution target indicate durable cash-generation improvements. Strong cash conversion supports debt servicing, reinvestment in higher-return sites and disciplined capital allocation over the medium term.
Read all positive factors
SSP Group plc (SSPG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.40B
Dividend Yield2.5%
Average Volume (3M)1.73M
Price to Earnings (P/E)―
Beta (1Y)1.43
Revenue Growth4.58%
EPS Growth-24.15%
CountryUK
Employees49,000
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.04
Shares Outstanding767,603,150
10 Day Avg. Volume2,971,218
30 Day Avg. Volume1,731,770
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
£181.46Price Target Upside-8.82% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.13
Revenue Forecast (FY)£3.82B
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 mainly by operating food-and-beverage outlets in travel locations under concession agreements with landlords such as airport operators and rail station authorities. Revenue is primarily generated from retail sales of food and...
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 | 681.70M | 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
Positive
199.00
Price Trends
170.01
Positive
177.11
Positive
170.94
Positive
Market Momentum
3.72
Negative
66.17
Neutral
87.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SSPG, the sentiment is Positive. The current price of 199 is above the 20-day moving average (MA) of 169.78, above the 50-day MA of 170.01, and above the 200-day MA of 170.94, indicating a bullish trend. The MACD of 3.72 indicates Negative momentum. The RSI at 66.17 is Neutral, neither overbought nor oversold. The STOCH value of 87.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | £362.25M | 17.79 | 5.14% | 2.81% | 5.71% | -19.77% | |
65 Neutral | £1.41B | 7.87 | 6.41% | ― | 2.96% | 9.30% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | £712.84M | 12.44 | -68.82% | 6.46% | 3.15% | -34.09% | |
58 Neutral | £304.41M | 4.17 | 9.30% | ― | -0.52% | 68.53% | |
55 Neutral | £651.85M | 12.82 | 15.81% | 1.50% | 5.39% | -3.64% | |
50 Neutral | £1.40B | -50.27 | -65.76% | 2.50% | 4.58% | -24.15% |
* Consumer Cyclical Sector Average
GB:SSPG
SSP Group plc
182.40
22.59
14.14%
GB:DOM
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GB:FSTA
Fuller Smith & Turner
690.00
122.95
21.68%
GB:MARS
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48.10
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16.89%
GB:MAB
Mitchells & Butlers
237.00
-46.00
-16.25%
GB:JDW
J D Wetherspoon
656.00
-79.88
-10.85%
SSP Group plc Corporate Events
Regulatory Filings and Compliance
SSP Group Executive Buys Shares Under Incentive Plan
Neutral
Jun 17, 2026
SSP Group plc has disclosed that Satya Menard, CEO Continental Europe, acquired 85 ordinary shares under the Partnership Shares element of the company’s International Share Incentive Plan at £1.76 per share. Menard was also granted righ...
Business Operations and StrategyStock Buyback
SSP Group Cancels 1.25 Million Shares as Buyback Programme Advances
Positive
Jun 15, 2026
SSP Group plc has repurchased and cancelled 1,250,000 ordinary shares during the week of 8–12 June 2026 under its previously announced £100 million share buyback programme, paying a volume-weighted average price of about 166.38 pence pe...
Regulatory Filings and Compliance
SSP Group discloses UK executive share purchase under employee plan
Neutral
Jun 9, 2026
SSP Group plc reported that UK-based senior executive Kari Daniels, CEO for the UK and Ireland, acquired ordinary shares under the company’s UK Share Incentive Plan at a price of £1.661 per share. As part of the same transaction, Daniel...
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback, Cancels Over 35m Shares
Positive
Jun 8, 2026
SSP Group plc has continued executing its previously announced £100 million share repurchase programme, buying 1,208,997 ordinary shares for cancellation between 1 and 5 June 2026 at a volume-weighted average price of 167.4669p. These purchas...
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback, Cuts Share Count to 770m
Positive
Jun 1, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 809,243 ordinary shares for cancellation between 26 and 29 May 2026 at a volume-weighted average price of 169.6751 pence. All purchases were conducted ...
Regulatory Filings and Compliance
SSP Group Updates Market on Total Voting Rights
Neutral
Jun 1, 2026
SSP Group plc has confirmed that, as of 29 May 2026, its issued share capital comprises 770,542,157 ordinary shares with full voting rights and no shares held in treasury. This total will serve as the reference denominator for shareholders and oth...
Executive/Board Changes
SSP Group Executive Increases Stake Through Share Incentive Plan
Positive
May 26, 2026
SSP Group plc disclosed that Satya Menard, CEO Continental Europe and a person discharging managerial responsibility, acquired 88 ordinary shares in the company on 26 May 2026 at £1.69 per share under the Partnership Shares element of its Int...
Business Operations and StrategyStock Buyback
SSP Group Cuts Share Count Further with Latest Buyback Tranche
Positive
May 26, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 1,172,661 ordinary shares for cancellation between 18 and 22 May 2026 at a volume-weighted average price of 160.5151 pence. The purchases, carried out o...
Business Operations and StrategyExecutive/Board Changes
SSP Group appoints aviation veteran Candace McGraw as independent non-executive director
Positive
May 19, 2026
SSP Group plc, a major player in travel-focused food and beverage services, designs and operates a broad portfolio of restaurants, cafés, bars, lounges and convenience formats in transport hubs worldwide. Its offerings are tailored to meet th...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial Disclosures
SSP Group Delivers Resilient Half-Year, Advances ‘Focus 26’ Overhaul
Positive
May 19, 2026
SSP Group reported a resilient first half to 2026, with revenue rising 6% at constant currency to £1.8bn, like‑for‑like sales up 5% and operating profit increasing 18% to £52m on the same basis, lifting margins by 30 basis po...
Business Operations and StrategyStock Buyback
SSP Group advances £100m buyback, cuts share count to 772m
Positive
May 18, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 1,190,000 ordinary shares for cancellation between 11 and 15 May 2026 at a volume-weighted average price of 157.4796 pence. All purchases were conducted...
Business Operations and StrategyStock Buyback
SSP Group Continues Buyback, Cancels 1.2 Million Shares
Positive
May 11, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 1.2 million ordinary shares for cancellation between 4 and 8 May 2026 at a volume-weighted average price of 157.8683p. The purchases, conducted via Barc...
Regulatory Filings and Compliance
SSP Group Discloses Share Purchases by UK & Ireland CEO Under Employee Plan
Positive
May 6, 2026
SSP Group has disclosed that Kari Daniels, CEO for the U.K. and Ireland and a person discharging managerial responsibility, has acquired ordinary shares under the company’s UK Share Incentive Plan at a price of £1.602 per share. In addi...
Business Operations and StrategyStock Buyback
SSP Group Cancels 1.43 Million Shares in Ongoing £100m Buyback
Positive
May 5, 2026
SSP Group plc has repurchased and cancelled 1,430,000 ordinary shares between 27 April and 1 May 2026 under its ongoing £100 million share buyback programme with Barclays Bank plc, paying a volume-weighted average price of 164.6926p. These la...
Regulatory Filings and Compliance
SSP Group Sets Total Voting Rights at 775.3 Million Shares
Neutral
May 1, 2026
SSP Group plc has confirmed that, as of 30 April 2026, its issued share capital comprises 775,334,061 ordinary shares, each carrying voting rights, with no shares held in treasury. This disclosure sets the total voting rights at 775,334,061, provi...
Business Operations and StrategyStock Buyback
SSP Group Continues £100m Buyback, Cuts Share Count to 775.9m
Positive
Apr 27, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 1,538,642 ordinary shares for cancellation between 20 and 24 April 2026 at a volume-weighted average price of 186.1755 pence. All trades were conducted...
Other
SSP Group executive increases stake through share incentive plan
Positive
Apr 21, 2026
SSP Group has disclosed that Satya Menard, CEO Continental Europe, acquired ordinary shares in the company through its International Share Incentive Plan. The transaction involved the purchase of 76 partnership shares at £1.97 each and an ass...
Business Operations and StrategyStock Buyback
SSP Group Cancels 1.1m Shares as Buyback Programme Progresses
Positive
Apr 20, 2026
SSP Group plc has continued executing its previously announced £100 million share repurchase programme, buying 1,145,703 ordinary shares for cancellation between 13 and 17 April 2026 at a volume-weighted average price of 191.5832 pence. The b...
Business Operations and StrategyStock Buyback
SSP Group Cancels Further Shares as £100m Buyback Programme Advances
Positive
Apr 13, 2026
SSP Group has continued to execute its £100 million share buyback, repurchasing 676,028 ordinary shares between 7 and 10 April 2026 from Barclays Bank via on-exchange trades on the London Stock Exchange, at a volume-weighted average price of ...
Other
SSP Group CEO Kari Daniels Buys Shares Under UK Incentive Plan
Neutral
Apr 7, 2026
SSP Group plc has disclosed that Kari Daniels, CEO for the UK and Ireland, has acquired ordinary shares under the Partnership Shares element of the company’s UK Share Incentive Plan at a price of £1.855 per share. She also received addi...
Business Operations and StrategyStock Buyback
SSP Group Cuts Share Count Further with Ongoing £100m Buyback
Positive
Apr 7, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 920,000 ordinary shares for cancellation between 30 March and 2 April 2026 at a volume-weighted average price of 178.0218 pence. These latest transactio...
Business Operations and StrategyStock Buyback
SSP Group advances £100m buyback, cuts share count to 780m
Positive
Mar 30, 2026
SSP Group plc has continued executing its previously announced £100 million share repurchase programme, buying 1,138,248 ordinary shares for cancellation between 23 and 27 March 2026 at a volume-weighted average price of 176.8288 pence. The c...
Business Operations and StrategyStock Buyback
SSP Group Cancels 1.15 Million Shares Under Ongoing £100m Buyback
Positive
Mar 23, 2026
SSP Group plc has repurchased 1,150,000 of its ordinary shares for cancellation between 16 and 20 March 2026 as part of a previously announced £100 million share buyback programme executed through Barclays Bank on the London Stock Exchange. T...
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.