SSP Group PLC (GB:SSPG)
LSE:SSPG
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SSP Group plc
(LSE:SSPG)
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Rating:50Neutral
Price Target:
154.00 p
▼(-22.61% 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 strength
SSP has demonstrated sizable free cash flow expansion and management runs a 'cash‑first' model with a >£100m FY26 pre‑dividend/pre‑buyback FCF target. Durable cash conversion supports capex discipline, buybacks, reinvestment and deleveraging, improving long‑term financial flexibility.
Negative Factors
High leverage
SSP's leverage (reported ~2.2x net debt/EBITDA alongside a high debt‑to‑equity profile) reduces balance‑sheet resilience, raises refinancing and interest risks, and constrains the company's ability to absorb shocks or pursue opportunistic M&A without improving leverage materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow strength
SSP has demonstrated sizable free cash flow expansion and management runs a 'cash‑first' model with a >£100m FY26 pre‑dividend/pre‑buyback FCF target. Durable cash conversion supports capex discipline, buybacks, reinvestment and deleveraging, improving long‑term financial flexibility.
Read all positive factors
SSP Group plc (SSPG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.29B
Dividend Yield2.5%
Average Volume (3M)1.73M
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue Growth4.58%
EPS Growth-24.15%
CountryUK
Employees49,000
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.04
Shares Outstanding770,871,400
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
£211.17Price Target Upside6.11% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.14
Revenue Forecast (FY)£3.81B
SSP Group plc Business Overview & Revenue Model
Company Description
SSP Group plc operates food and beverage outlets. The company operates outlets at airports, railway stations, motorway service areas, hospitals, and shopping centers. It operates approximately 550 brands in 36 countries in the United Kingdom, Euro...
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
Neutral
199.00
Price Trends
171.53
Negative
179.83
Negative
169.78
Negative
Market Momentum
-1.39
Negative
52.93
Neutral
77.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SSPG, the sentiment is Neutral. The current price of 199 is above the 20-day moving average (MA) of 159.59, above the 50-day MA of 171.53, and above the 200-day MA of 169.78, indicating a neutral trend. The MACD of -1.39 indicates Negative momentum. The RSI at 52.93 is Neutral, neither overbought nor oversold. The STOCH value of 77.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | £356.19M | 17.87 | 4.99% | 2.81% | 6.94% | 9.13% | |
66 Neutral | £303.77M | 4.07 | 9.30% | ― | -0.52% | 68.53% | |
65 Neutral | £1.39B | 7.62 | 6.41% | ― | 2.96% | 9.30% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | £710.55M | 12.23 | -68.82% | 6.46% | 3.15% | -34.09% | |
55 Neutral | £634.88M | 11.98 | 15.81% | 1.50% | 5.39% | -3.64% | |
50 Neutral | £1.29B | -45.75 | -65.76% | 2.50% | 4.58% | -24.15% |
* Consumer Cyclical Sector Average
GB:SSPG
SSP Group plc
168.10
9.56
6.03%
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GB:MAB
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GB:JDW
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-11.82%
SSP Group plc Corporate Events
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...
Regulatory Filings and Compliance
SSP Group Executive Increases Stake Through Share Incentive Plan
Positive
Mar 17, 2026
SSP Group has disclosed that Satya Menard, CEO Continental Europe, acquired ordinary shares under the company’s International Share Incentive Plan. On 16 March 2026, Menard purchased 85 partnership shares at £1.755 each and received rig...
Business Operations and StrategyStock BuybackFinancial Disclosures
SSP Group Advances £100m Buyback, Cancels Over 1.1m Shares
Positive
Mar 16, 2026
SSP Group has continued execution of its previously announced £100 million share repurchase programme, buying 1,140,854 ordinary shares for cancellation between 9 and 13 March 2026 at a volume-weighted average price of 183.24 pence. The purch...
Other
SSP Group Executives Increase Holdings Through Share Incentive Plans
Neutral
Mar 9, 2026
SSP Group has disclosed that several persons discharging managerial responsibilities, including UK Ireland CEO Kari Daniels, acquired ordinary shares under the company’s UK Share Incentive Plan at £1.922 per share, alongside the award ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
SSP Group Advances £100m Buyback, Cuts Share Count to 783.6m
Positive
Mar 9, 2026
SSP Group has continued its £100 million share repurchase programme, buying 230,000 ordinary shares on 06 March 2026 from Barclays Bank via on-exchange transactions on the London Stock Exchange. The purchases, made at a volume-weighted averag...
Stock Buyback
SSP Group Shrinks Share Base as £100m Buyback Progresses
Positive
Mar 6, 2026
SSP Group has continued executing its £100 million share repurchase programme, buying 230,000 ordinary shares on 5 March 2026 from Barclays Bank via on-exchange trades on the London Stock Exchange for cancellation. The shares were acquired at...
Business Operations and StrategyStock Buyback
SSP Group Cuts Share Count Further with Ongoing Buyback
Positive
Mar 5, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 225,491 ordinary shares for cancellation on 4 March 2026 at a volume-weighted average price of 189.9670 pence. All shares were acquired on-exchange fro...
Business Operations and StrategyExecutive/Board Changes
SSP Group Names Andrew Martin as New Chair to Steer ‘Focus26’ Strategy
Positive
Mar 5, 2026
SSP Group plc has appointed Andrew Martin as Chair of the Board effective 1 June 2026, with Martin also becoming Chair of the Nomination Committee, while interim Chair Carolyn Bradley will remain on the board as Senior Independent Director. Martin...
Business Operations and StrategyStock Buyback
SSP Group Cancels Further Shares as £100m Buyback Advances
Positive
Mar 4, 2026
SSP Group plc has continued to execute its £100 million share repurchase programme, buying 230,000 ordinary shares for cancellation on 3 March 2026 at a volume-weighted average price of 186.6029 pence. The transactions, carried out on the Lon...
Business Operations and StrategyStock Buyback
SSP Group Continues £100m Buyback, Cuts Share Count to 784.5m
Positive
Mar 3, 2026
SSP Group plc has continued executing its £100 million share buyback, purchasing 230,000 ordinary shares on 2 March 2026 from Barclays Bank plc in on-exchange transactions on the London Stock Exchange, at a volume-weighted average price of 19...
Stock Buyback
SSP Group Cancels Further Shares Under £100m Buyback Programme
Positive
Mar 2, 2026
SSP Group plc said it bought 230,000 of its own ordinary shares on 27 February 2026 from Barclays Bank as part of its previously announced £100 million share buyback programme. The shares, acquired via on-exchange transactions on the London S...
Business Operations and StrategyStock Buyback
SSP Group Continues £100m Buyback, Cuts Share Count to 784.9m
Positive
Feb 27, 2026
SSP Group has continued executing its £100 million share buyback, purchasing 230,000 ordinary shares on 26 February 2026 from Barclays via on-exchange transactions on the London Stock Exchange, at a volume-weighted average price of about 204....
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback, Cuts Share Count to 785m
Positive
Feb 26, 2026
SSP Group has continued to execute its £100 million share repurchase programme, buying 227,871 ordinary shares on 25 February 2026 from Barclays Bank via on-exchange transactions on the London Stock Exchange at a volume-weighted average price...
Business Operations and StrategyStock Buyback
SSP Group Advances £100m Buyback With Further Share Cancellation
Positive
Feb 25, 2026
SSP Group has continued executing its previously announced £100 million share repurchase programme, buying 230,000 ordinary shares for cancellation on 24 February 2026 from Barclays Bank via on-exchange transactions on the London Stock Exchan...
Business Operations and StrategyStock Buyback
SSP Group Shrinks Share Count with Further Buyback Under £100m Programme
Positive
Feb 24, 2026
SSP Group plc has continued to execute its previously announced £100 million share repurchase programme, buying 230,000 ordinary shares for cancellation on 23 February 2026 via on-exchange transactions with Barclays Bank on the London Stock E...
Business Operations and StrategyStock Buyback
SSP Group Continues £100m Buyback, Cuts Share Count to 785.9m
Positive
Feb 23, 2026
SSP Group plc has continued executing its £100 million share repurchase programme, buying 230,000 ordinary shares for cancellation on 20 February 2026 in on-exchange transactions with Barclays Bank plc on the London Stock Exchange at a volume...
Business Operations and StrategyStock Buyback
SSP Group Continues £100m Buyback With Further Share Purchases
Positive
Feb 20, 2026
SSP Group plc has continued its £100 million share repurchase programme, buying 230,000 ordinary shares on 19 February 2026 from Barclays Bank plc via on-exchange transactions on the London Stock Exchange. The shares, acquired at a volume-wei...
Business Operations and StrategyStock Buyback
SSP Group Continues £100m Buyback, Cuts Share Count to 786.3m
Positive
Feb 19, 2026
SSP Group plc has continued its £100 million share repurchase programme, buying 60,708 ordinary shares on 18 February 2026 from Barclays Bank plc via on-exchange transactions on the London Stock Exchange at a volume-weighted average price of ...
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.