SSP Group
SSPG · Main Market · Travel and Leisure · mcap £1,366m · 179.3p 3 open situations →
Open · 3
Multi-year strategic roadmap
Includes Continental European Rail review – Exit actions being implementedIncludes Buyback programme – proposed, closed 23 Jan 2026
The 'Focus26' plan targets higher profit, cash and returns. At Q4 (9 Oct 2026) FY26 EPS is c.14.0p, within the 13.6-14.8p range, though free cash flow of c.£70m is below the prior >£100m view. The £100m buyback is complete; a new buyback of up to £50m was announced on 9 Oct 2026, starting 12 Oct 2026.
- Next milestone
- FY26 full year results on 8 December 2026 9 Oct 2026 ↗
- EPS
- c.14.0p, up c.18% YoY, within guided range of 13.6-14.8p 9 Oct 2026 ↗
- Operating profit
- c.£230m, slightly lower than planned 9 Oct 2026 ↗
- Buyback size
- Up to £50m maximum aggregate consideration 9 Oct 2026 ↗
- Timing
- Starts 12 October 2026; ends no later than 12 October 2027 9 Oct 2026 ↗
- Broker
- Panmure Liberum Limited, acting as riskless principal 9 Oct 2026 ↗
Next: FY26 full year results · 8 Dec 2026
- 9 Oct 2026 New £50m buyback started after £100m completed
- 9 Oct 2026 FY26 EPS on track; FCF below plan; new buyback
- 28 Jul 2026 Q3: guidance held, buyback 76% done
- 19 May 2026 'Focus 26' progressing; Middle East risk
Continental European Rail review
Part of Multi-year strategic roadmap – New £50m buyback started after £100m completed
The review of Continental European Rail, supported by Alvarez & Marsal, concluded in May with plans to exit about a third of c.330 units and cut rail capex by c.50%. The 9 Oct 2026 update says nothing new on rail, but Continental Europe margin is expected at c.3% for FY26. Benefits are expected largely in FY27.
- Estate
- c.330 units; about one third to be exited, subject to consultation 9 Oct 2026 ↗
- Exits
- Approximately one third of the estate, subject to local assessment and consultation
- Capex
- Future rail capex to fall by c.50% 9 Oct 2026 ↗
- Benefit timing
- Largely FY27; one-off costs offset cash gains at first 9 Oct 2026 ↗
- Next milestone
- Progress update at FY26 results on 8 December 2026 9 Oct 2026 ↗
Next: Progress update at FY26 results · 8 Dec 2026
- 9 Oct 2026 Exit actions being implemented
- 28 Jul 2026 Exit actions being implemented
- 19 May 2026 Review concluded; exits being implemented
- 23 Jan 2026 Review under way; weak consumer spend hits Rail
TFS India stake value options
Since TFS listed in India in July 2025, the Board has been considering options to realise value from SSP's 50.01% stake. It now ties this to the TFS free float requirement due by July 2028, with timing subject to market conditions.
- Deadline
- TFS free float requirement to be delivered by July 2028
- Timing
- Precise timing subject to market conditions
- Stake
- SSP holds 50.01% of TFS
Next: options to create value, timing subject to market conditions
- 19 May 2026 Options under Board consideration
- 4 Dec 2025 Options being considered; SSP holds 50.01%
Closed · 4
Company filings. Not investment advice.