SSP Group

SSPG · Main Market · Travel and Leisure · mcap £1,353m · 174.1p

Beta Briefing, track record and signals & risks are not ready for SSP Group yet.

We follow 964 UK small caps and every one of their announcements – often hundreds per company. 73 companies are already wired into a briefing: browse them.

Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 19 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,358m
Owner’s net cash: −£828.7m
Net cash / market cap: -61%
EV ex leases: £2,345m
Revenue: £3,741m
Operating profit: £133.6m
Free cash flow after leases: £140.2m
EV / EBIT: 17.6×
FCF yield: 10.3%
Price / tangible book: 6.79×
ROCE: 7%
Net income (owners): −£29.1m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 09 Oct 26in line6 figures since the last report

Q4 LFL sales +4%, FY26 EPS c.14.0p in line with expectations, £50m buyback launched

Q4 LFL sales growth	+4%
FY26 revenue	c.£3.8bn	up c.5% YoY
FY26 EPS	c.14.0p	up c.18% YoY
FY26 free cash flow (post-interest)	c.£70m
Continental Europe operating margin	c.3%	2.2% prior year
FY26 Group ROCE (pre-tax)	material strengthening from 18.7%

As stated by the company, unaudited. Read it →

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 19 May 26 · read the results ↗

Source ↗

	2026 Underlying 1 £m	2026 Non-underlying items £m	2026 Total £m	2025 Underlying 1 £m	2025 Non-underlying items £m	2025 Total £m
Revenue	1,763.4	-	1,763.4	1,661.1	-	1,661.1
Operating costs	(1,689.8)	(11.0)	(1,700.8)	(1,593.5)	(52.5)	(1,646.0)
Operating profit / (loss)	73.6	(11.0)	62.6	67.6	(52.5)	15.1
Share of profit of associates	5.1	-	5.1	1.4	-	1.4
Finance income	6.4	-	6.4	6.4	-	6.4
Finance expense	(66.9)	(0.6)	(67.5)	(60.4)	0.2	(60.2)
Profit/(loss) before tax	18.2	(11.6)	6.6	15.0	(52.3)	(37.3)
Taxation	(3.6)	(0.4)	(4.0)	(3.2)	7.1	3.9
Profit/(loss) for the period	14.6	(12.0)	2.6	11.8	(45.2)	(33.4)
(Loss)/ profit attributable to
Equity holders of the parent	(4.2)	(12.0)	(16.2)	(16.3)	(45.2)	(61.5)
Non-controlling interests	18.8	-	18.8	28.1	-	28.1
Profit/(loss) for the period	14.6	(12.0)	2.6	11.8	(45.2)	(33.4)
Loss per share (p)
- Basic	(0.5)	(2.0)	(2.0)	(7.7)	–	–
- Diluted	(0.5)	(2.0)	(2.0)	(7.7)	–	–

Source ↗

	31 March 2026 £m	30 September 2025 £m
Non-current assets
Property, plant and equipment	762.2	724.2
Goodwill and intangible assets	722.6	719.6
Right-of-use assets	1,192.0	1,161.1
Investments in associates	35.3	22.0
Deferred tax assets	95.8	98.6
Other receivables	90.0	108.0
Total non-current assets	2,897.9	2,833.5
Current assets
Inventories	47.3	45.6
Tax receivable	5.2	8.2
Trade and other receivables	212.0	194.8
Cash and cash equivalents	240.7	342.0
Total current assets	505.2	590.6
Total assets	3,403.1	3,424.1
Current liabilities
Short-term borrowings	(257.2)	(118.5)
Trade and other payables	(756.5)	(868.9)
Tax payable	(10.2)	(22.6)
Lease liabilities	(332.3)	(321.9)
Provisions	(6.8)	(16.2)
Total current liabilities	(1,363.0)	(1,348.1)
Non-current liabilities
Long-term borrowings	(803.3)	(797.7)
Post-employment benefit obligations	(8.9)	(8.2)
Lease liabilities	(943.4)	(920.8)
Other payables	(9.6)	(1.7)
Provisions	(39.4)	(41.9)
Deferred tax liabilities	(35.5)	(36.2)
Interest rate swaps	(0.1)	(0.6)
Total non-current liabilities	(1,840.2)	(1,807.1)
Total liabilities	(3,203.2)	(3,155.2)
Net assets	199.9	268.9
Equity
Share capital	8.3	8.6
Share premium	472. 7	472.7
Capital redemption reserve	1.5	1.2
Other reserves	(60.5)	(63.3)
Retained losses	(415.6)	(337.1)
Total equity shareholders' funds	6.4	82.1
Non-controlling interests	193.5	186.8
Total equity	199.9	268.9

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Cash flow from operations	200.0	220.0
Tax paid	(14.8)	(18.2)
Net cash flows from operating activities	185.2	201.8
Cash flows from investing activities
Dividends received from associates	1.0	0.9
Interest received	3.7	4.9
Purchase of property, plant and equipment	(119.6)	(136.8)
Purchase of other intangible assets	(3.1)	(3.0)
Acquisitions, net of cash and cash equivalents acquired	(5.7)	(7.8)
Capital contributions into associates	(9.1)	-
Net cash flows from investing activities	(132.8)	(141.8)
Cash flows from financing activities
Repayment of the Term Loan	-	(150.0)
Drawdown on the Term Loan	3.8	-
Drawdown on revolving credit facility (RCF)	190.5	65.0
Repayment of USPP facility	(50.7)	-
Drawdown on USPP facility	-	200.7
Net repayment of other bank facilities	(4.2)	(4.1)
Loans taken from non-controlling interests	0.6	2.1
Payment of lease liabilities - principal	(144.7)	(125.1)
Payment of lease liabilities - interest	(41.2)	(33.7)
Interest paid excluding interest on lease liabilities	(25.2)	(23.3)
Dividends paid to non-controlling interests	(28.0)	(28.1)
Capital contribution from non-controlling interests	15.5	9.7
Fees paid as part of the Group's debt modifications	(0.5)	-
Share buy-back	(42.9)	-
Dividends paid to equity shareholders	(22.0)	(18.4)
Net cash flows from financing activities	(149.0)	(105.2)
Net decrease in cash and cash equivalents	(96.6)	(45.2)
Cash and cash equivalents at beginning of the period	342.0	254.8
Effect of exchange rate fluctuations on cash and cash equivalents	(4.7)	(2.2)
Cash and cash equivalents at end of the period	240.7	207.4

Source ↗

	2025 Underlying 1 £m	2025 Non-underlying items £m	2025 IFRS £m	2024 Underlying 1 £m	2024 Non-underlying items £m	2024 IFRS £m
Revenue	3,638.5	-	3,638.5	3,433.2	-	3,433.2
Operating costs	(3,369.4)	(183.0)	(3,552.4)	(3,186.6)	(40.7)	(3,227.3)
Of which impairments	-	(116.8)	(116.8)	-	(33.0)	(33.0)
Operating profit	269.1	(183.0)	86.1	246.6	(40.7)	205.9
Share of profit of associates	8.2	-	8.2	5.4	-	5.4
Finance income	12.1	0.3	12.4	19.1	-	19.1
Finance expense	(117.1)	-	(117.1)	(114.1)	2.3	(111.8)
Profit/(loss) before tax	172.3	(182.7)	(10.4)	157.0	(38.4)	118.6
Taxation	(26.2)	12.6	(13.6)	(33.4)	0.3	(33.1)
Profit/(loss) for the year	146.1	(170.1)	(24.0)	123.6	(38.1)	85.5
Profit/(loss) attributable to
Equity holders of the parent	88.4	(162.8)	(74.4)	64.9	(37.5)	27.4
Non-controlling interests	57.7	(7.3)	50.4	58.7	(0.6)	58.1
Profit/(loss) for the year	146.1	(170.1)	(24.0)	123.6	(38.1)	85.5
Earnings per share (p)
- Basic	11.0	(9.3)	8.1	3.4	–	–
- Diluted	11.0	(9.3)	8.1	3.4	–	–

Source ↗

	2025 £m	2024 £m
Non-current assets
Property, plant and equipment	724.2	696.8
Goodwill and intangible assets	719.6	755.7
Right-of-use assets	1,161.1	1,032.0
Investments in associates	22.0	21.5
Deferred tax assets	98.6	84.2
Other receivables	108.0	105.7
Total non-current assets	2,833.5	2,695.9
Current assets
Inventories	45.6	45.5
Tax receivable	8.2	10.0
Trade and other receivables	194.8	166.7
Cash and cash equivalents	342.0	254.8
Total current assets	590.6	477.0
Total assets	3,424.1	3,172.9
Current liabilities
Short-term borrowings	(118.5)	(12.2)
Trade and other payables	(868.9)	(717.0)
Tax payable	(22.6)	(22.4)
Lease liabilities	(321.9)	(298.7)
Provisions	(16.2)	(26.1)
Total current liabilities	(1,348.1)	(1,076.4)
Non-current liabilities
Long-term borrowings	(797.7)	(835.1)
Post-employment benefit obligations	(8.2)	(10.7)
Lease liabilities	(920.8)	(790.4)
Other payables	(1.7)	(1.5)
Provisions	(41.9)	(35.2)
Deferred tax liabilities	(36.2)	(39.7)
Interest rate swaps	(0.6)	(0.7)
Total non-current liabilities	(1,807.1)	(1,713.3)
Total liabilities	(3,155.2)	(2,789.7)
Net assets	268.9	383.2
Equity
Share capital	8.6	8.6
Share premium	472.7	472.7
Capital redemption reserve	1.2	1.2
Other reserves	(63.3)	(20.7)
Retained losses	(337.1)	(234.6)
Total equity shareholders' funds	82.1	227.2
Non-controlling interests	186.8	156.0
Total equity	268.9	383.2

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash flow from operations	769.6	592.5
Tax paid	(27.4)	(26.0)
Net cash flows from operating activities	742.2	566.5
Cash flows from investing activities
Dividends received from associates	7.2	9.6
Interest received	9.7	12.5
Purchase of property, plant and equipment	(224.8)	(260.2)
Disposal of subsidiary	0.6	-
Purchase of other intangible assets	(21.6)	(36.9)
Acquisition of associates	-	(10.5)
Disposal of property, plant and equipment	0.5	-
Acquisition of subsidiaries, net of cash acquired	(10.5)	(128.4)
Net cash flows from investing activities	(238.9)	(413.9)
Cash flows from financing activities
Repayment of bank borrowings	(12.7)	(12.3)
Debt refinancing and modification fees paid	(0.4)	(0.5)
Drawdown of USPP debt	200.7	205.4
Repayment of the Term Loan	(150.0)	-
Loans (repaid to)/taken from non-controlling interests	3.9	5.0
Payment of lease liabilities - principal	(262.5)	(218.6)
Payment of lease liabilities - interest	(66.5)	(62.1)
Interest paid excluding interest on lease liabilities	(47.2)	(47.8)
Dividends paid to non-controlling interests	(48.9)	(44.1)
Dividends paid to shareholders	(29.6)	(29.5)
Acquisition of 1.01% of TFS	(12.5)	-
Recapitalisation/capital contributions into associate	-	(0.8)
Capital contribution from non-controlling interests	15.0	18.3
Net cash flows from financing activities	(410.7)	(187.0)
Net increase/ (decrease) in cash and cash equivalents	92.6	(34.4)
Cash and cash equivalents at beginning of the year	254.8	303.3
Effect of exchange rate fluctuations on cash and cash equivalents	(5.4)	(14.1)
Cash and cash equivalents at end of the year	342.0	254.8

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	3,740.8	3,638.5	3,433.2
Operating profit	133.6	86.1	205.9
Share-based payments	–	1.9	–
Operating profit to net income
Profit before tax	33.5	(10.4)	118.6
Tax	(21.5)	(13.6)	(33.1)
Net income (owners)	(29.1)	(74.4)	27.4
Per share
EPS basic	(3.6p)	(9.3p)	3.4p
EPS diluted	(3.6p)	(9.3p)	3.4p
Dividend per share	4.4p	4.2p	3.5p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	1,763.4	+6%	1,977.4	1,661.1
Operating profit	62.6	+315%	71.0	15.1
Operating profit to net income
Profit before tax	6.6	n/m	26.9	(37.3)
Tax	(4.0)	n/m	(17.5)	3.9
Net income (owners)	(16.2)	n/m	(12.9)	(61.5)
Per share
EPS basic	(2.0p)	–	(1.6p)	(7.7p)
EPS diluted	(2.0p)	–	(1.6p)	(7.7p)
Dividend per share	1.6p	–	2.8p	1.4p

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	725.6	742.2	566.5
Interest paid	(49.1)	(47.2)	(47.8)
Tax paid	(24.0)	(27.4)	(26.0)
Investing activities
Capex (PP&E)	(207.6)	(224.8)	(260.2)
Capex (intangibles)	(21.7)	(21.6)	(36.9)
Financing activities
Lease principal paid	(282.1)	(262.5)	(218.6)
Lease interest paid	(74.0)	(66.5)	(62.1)
Dividends paid	(33.2)	(29.6)	(29.5)

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	185.2	−8%	540.4	201.8
Interest paid	(25.2)	+8%	(23.9)	(23.3)
Tax paid	(14.8)	−19%	(9.2)	(18.2)
Investing activities
Capex (PP&E)	(119.6)	−13%	(88.0)	(136.8)
Capex (intangibles)	(3.1)	+3%	(18.6)	(3.0)
Financing activities
Lease principal paid	(144.7)	+16%	(137.4)	(125.1)
Lease interest paid	(41.2)	+22%	(32.8)	(33.7)
Dividends paid	(22.0)	+20%	(11.2)	(18.4)
Share buybacks	(42.9)	–	–	–

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Property, plant & equipment	762.2	724.2	696.8
Associates & JVs	35.3	22.0	21.5
Non-current assets	2,897.9	2,833.5	2,695.9
Current assets
Inventories	47.3	45.6	45.5
Trade receivables	212.0	194.8	166.7
Cash	240.7	342.0	254.8
Current assets	505.2	590.6	477.0
Total assets	3,403.1	3,424.1	3,172.9
Current liabilities
Trade payables	756.5	868.9	717.0
Borrowings, current	257.2	118.5	12.2
Lease liabilities, current	–	321.9	298.7
Current liabilities	1,363.0	1,348.1	1,076.4
Non-current liabilities
Borrowings, non-current	803.3	797.7	835.1
Lease liabilities, non-current	–	920.8	790.4
Pension surplus / (deficit)	(8.9)	(8.2)	(10.7)
Non-current liabilities	1,840.2	1,807.1	1,713.3
Total liabilities	3,203.2	3,155.2	2,789.7
Equity
Non-controlling interests	193.5	186.8	156.0
Total equity	199.9	268.9	383.2
Net cash and other figures
Net cash / (debt) ex leases	(819.8)	(574.2)	(592.5)
Net cash / (debt) incl. leases	(2,095.5)	(1,816.9)	(1,681.6)

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Property, plant & equipment	762.2	724.2	–	696.8
Associates & JVs	35.3	22.0	–	21.5
Non-current assets	2,897.9	2,833.5	–	2,695.9
Current assets
Inventories	47.3	45.6	–	45.5
Trade receivables	212.0	194.8	–	166.7
Cash	240.7	342.0	–	254.8
Current assets	505.2	590.6	–	477.0
Total assets	3,403.1	3,424.1	–	3,172.9
Current liabilities
Trade payables	756.5	868.9	–	717.0
Borrowings, current	257.2	118.5	–	12.2
Lease liabilities, current	–	321.9	–	298.7
Current liabilities	1,363.0	1,348.1	–	1,076.4
Non-current liabilities
Borrowings, non-current	803.3	797.7	–	835.1
Lease liabilities, non-current	–	920.8	–	790.4
Pension surplus / (deficit)	(8.9)	(8.2)	–	(10.7)
Non-current liabilities	1,840.2	1,807.1	–	1,713.3
Total liabilities	3,203.2	3,155.2	–	2,789.7
Equity
Non-controlling interests	193.5	186.8	–	156.0
Total equity	199.9	268.9	–	383.2
Net cash and other figures
Net cash / (debt) ex leases	(819.8)	(574.2)	(764.2)	(592.5)
Net cash / (debt) incl. leases	(2,095.5)	(1,816.9)	(1,907.1)	(1,681.6)

Read automatically from each results announcement. Check the source before relying on a figure.

Spotted an error in this income statement? Report it

Company filings. Not investment advice.