Upper Crust owner SSP expects full-year core earnings to beat expectation

Upper Crust owner SSP (SSPG.L) said on Tuesday it expected full-year core earnings to be slightly ahead of its earlier guidance, as passenger numbers recovered close to pre-pandemic levels.

The snack chain, which operates in travel locations like airports and train stations, said considerable uncertainty remained in 2023, but it expected to offset cost inflation and manage supply chain snags.

“We remain confident in the ongoing resilience of the group’s business model and continue to see significant potential for both near and long-term growth,” Chief Executive Officer Patrick Coveney said in a statement.

SSP, which is present in 35 countries, expects full-year core earnings of about 140 million pounds ($151.41 million) and sales of about 2.17 billion pounds.

In the UK, trading in both air and rail has strengthened further, despite the impact of industrial action in the rail network over the summer, the company said.

A worsening cost-of-living crisis in Britain has prompted workers in industries from railways and airlines to barristers and even trade union staff to either threaten or undertake strike action in disputes over pay and conditions.

($1 = 0.9246 pounds)