Updates & Ideas

SSP Group - IPO of dynamic Indian subsidiary could add huge value

April 2025

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

SSP is one of three dominant operators worldwide in the market for supplying retail and food concessions to airports and railway stations and is best-known for its ownership of the Upper Crust, Café Ritazza and Millies Cookies brands. During the Pandemic the company took an absolute hammering as lock-downs prevented people from travelling but the past couple of years have seen something of a renaissance as air travel has returned to normal. SSP posted turnover and EBITDA of £2,184m and £142m, respectively, in the year ended 30 September 2022 and that’s grown to £3,433m and £343m in FY24 for eps of 10.0p. Brokers are optimistic and between FY25-27, Barclays forecasts EBITDA to rise to £405m, £444m and £481m for eps of 12.6p, 14.7p ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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