Higher Crust and Millie’s Cookies proprietor SSP Group has mentioned the restoration of enterprise and commuter journey and a surge in summer season holiday-goers has boosted its revenues.
The firm, which operates meals and beverage retailers in journey spots around the globe, mentioned that it expects revenues over the three months to September 30 to be 91% of pre-pandemic ranges in 2019.
Gross sales might be round £2.17 billion and pre-tax earnings might be within the area of £140 million for the total yr, barely forward of its earlier expectations and pushed up by a stronger fourth quarter.
Numbers of travellers have largely recovered after transport networks had been abandoned in the course of the peak of the Covid pandemic, adopted by a work-from-home increase that noticed a decline in day by day commuters.
Passenger numbers are rebounding throughout the worldwide journey sector and our buying and selling has now recovered to close 2019 rangesPatrick Coveney, chief government of SSP Group
A gradual return to workplace working and disruption to rail networks brought on by industrial strike motion has additionally impacted the journey sector.
SSP mentioned gross sales exercise within the UK, the place it makes a few quarter of its complete revenues, strengthened regardless of the challenges.
However passenger numbers stay very low in China and Hong Kong which has seen ongoing nationwide lockdowns enforced because the pandemic first struck.
The corporate, which has round 23,000 employees globally, famous worsening financial circumstances however mentioned it's “assured” that its versatile enterprise mannequin will enable it to offset price inflation and handle provide chain and labour volatility.
Patrick Coveney, the chief government of SSP Group who joined in March from comfort meals producer Greencore, mentioned: “Passenger numbers are rebounding throughout the worldwide journey sector and – due to the dedication and onerous work of our colleagues and help from our purchasers and model companions – our buying and selling has now recovered to close 2019 ranges.
“As we glance ahead on this difficult macroeconomic setting, we stay assured within the ongoing resilience of the group’s enterprise mannequin and proceed to see important potential for each close to and long-term development.”
The FTSE 250-listed firm noticed its shares rise by greater than 3% on Tuesday after elevating its earnings expectations.