**Summary**
SSP Group PLC, a global travel food and beverage operator, reported resilient half-year results for 2026, with revenue growth of 6.2% to £1.76 billion, driven by like-for-like (LFL) growth of 5% and net gains of 2%. Operating profit increased by 17.8% to £50 million, with a margin improvement of 30 basis points. The companys Focus 26 plan is progressing well, focusing on profitable organic growth, cost efficiencies, and cash flow improvement. SSP is also implementing a strategy to optimize its Continental European Rail business, aiming to exit approximately one-third of its estate and focus on larger, higher-returning units. Despite challenges in the Middle East, the company remains confident in its full-year outlook, expecting EPS within the market consensus range of 13.6-14.8p and free cash flow <mark style="background-color:yellow">above</mark> £100 million. The interim dividend was increased to 1.6p per share, and the share buyback program is approximately 60% complete.
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | £1,763m | £1,661m | 6.2% |
| Operating Profit (Underlying) | £50m | £45m | 17.8% |
| Operating Profit (Statutory) | £63m | £15m | 320.0% |
| Net Debt | £820m | £56m | N/A |
| Net Debt (IFRS) | £2,096m | £189m | N/A |
| Net Debt/EBITDA | 2.2x | 0.0x | N/A |
| Earnings per Share (Underlying) | 1.1p | (0.4)p | +1.5p |
| Loss per Share (Statutory) | (2.0)p | (7.7)p | +5.7p |
| Free Cash Flow (Pre-dividend and Share Buy-back) | £(176)m | £(34)m | N/A |