Resilient first half performance, despite H1 sales -80% v 2019
Operating profit conversion c. 22% on the lost sales, ahead of previously indicated range of 25% - 30%
Underlying cash usage of £130m, averaging £22m cash burn per month, ahead of previously indicated range of £25m - £30m
Balance sheet materially strengthened, proforma liquidity of £854m
Gradual recovery in demand, led by domestic and leisure travel; regional differences. Current sales -70% v 2019
c. 250 units reopened since end of H1 bringing the total currently open to c. 1150, or around 40% of the estate
Ability to rapidly re-open in line with demand
Building on strong client relationships, accessing new business development opportunities
Long term travel trends expect largely to return by 2024, well positioned to benefit from the recovery
3 SSP: The Food Travel Experts
Financial review
Interim Results 2021
Jonathan Davies, CFO
SSP: The Food Travel Experts
Group financial overview
H1 2021
H1 2020
£m
Reported
Pre IFRS 16
Reported
Pre IFRS 16
(IFRS 16)
basis
(IFRS 16)
basis
Revenue
256.7
256.7
1,214.6
1,214.6
LFL Sales Growth
(79.0)%
n/a
(8.4)%
n/a
EBITDA*
(42.3)
(110.3)
197.5
56.2
Operating (Loss)/Profit*
(226.6)
(160.7)
(5.8)
1.3
Loss Before Tax*
(260.9)
(182.0)
(32.4)
(10.7)
Loss Per Share (p)*
(41.3)p
(30.0)p
(7.5)p
(4.0)p
Net Debt
(2,033.9)
(839.6)
(1,934.2)
(457.7)
*Stated on a pre-exceptional basis, before non-underlying items
Note: Pre IFRS 16 basis removes the impact of IFRS 16
5 SSP: The Food Travel Experts
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SSP Group plc published this content on 08 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2021 07:32:04 UTC.
SSP Group plc is an operator of food and beverage outlets in travel locations worldwide. The Company operate sit-down and quick service restaurants, cafes, lounges and food-led convenience stores, principally in airports and train stations, with a portfolio of more than 550 international, national and local brands. It operates over 600 locations across 37 countries. These include its own brands, such as UrbanCrave, and Nippon Ramen, as well as franchise brands, such as M&S, Starbucks and Burger King. The Companyâs segments include North America, Continental Europe, the UK and APAC and EEME. North America includes operations in the United States, Canada and Bermuda. Continental Europe includes operations in the Nordic countries and in Western and Southern Europe. The UK includes operations in the United Kingdom and the Republic of Ireland. APAC and EEME include operations in Asia Pacific, India, Eastern Europe and the Middle East, and South America.
SSP GROUP PLC 
