You are here

Prices & Quotes - UK Markets - SSP Group (SSPG)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 308.80p
Change Today:
-5.70p
Market Cap:
2,457.23m
Sector:
Food & Drug Retailers

SSP seeks 475m in equity raising to boost balance sheet

By Frank Prenesti

Date: Wednesday 17 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Upper Crust owner SSP said it was looking to raise 475m via a rights issue as it anticipated slower recovery from the impact of the Covid-19 pandemic on the travel industry.
The company said it expects a near full return of passenger numbers to pre Covid levels by financial year 2024 "led by a rebound in domestic and leisure short-haul air and rail travel".

No issue price was revealed, but the raising will proceed on a 12-for-25 basis.

SSP added that it had secured an extension to bank facilities that were previously due to expire in July to January 2024, conditional on completion of the equity raising.

"The Board is confident in the medium term outlook for the group's end markets, but the profile of the recovery remains uncertain," SSP said.

It added that notwithstanding the rapid approval and global roll-out of vaccination programmes, new variants of the virus, vaccine supply constraints and various lockdown and travel restrictions "mean that the pace of the recovery in 2021 has been delayed relative to the group's expectations towards the end of 2020".

"The impact of the pandemic on working practices may have a longer term impact on both business travel in air and commuter travel in rail," the company said, as its trading conditions did not improve in the first and second quarters of fiscal 2021.

SSP, which operates branded food outlets in airports and train stations, has been hammered by travel restrictions imposed to stymie the spread of the coronavirus, effectively halting commuter travel and holidays. The company last year raised 216m as the economy entered the crisis.

"A lot of people are desperate to get back on a plane for a week in the sun and others want to get on a train see friends and family. However, much uncertainty remains over when travel restrictions will be lifted in the various countries in which SSP operates. Then there is the question as to whether a many people will feel confident mixing in crowded spaces so soon after the crisis," said AJ Bell investment director Russ Mould.

"Assuming wings get back in the sky and wheels start to turn again later this year, SSP would then have some money left over from the fundraise to invest for its future."

"At some point we'll all be buying a croissant and a coffee while waiting to go on a journey; and it's almost certainly a 'when' not 'if'. SSP just cannot have full confidence in when that will be."

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SSP Group Market Data

Currency UK Pounds
Price 308.80p
Change Today -5.70p
52 Week High 346.00p
52 Week Low 147.26p
Volume 873,583
Shares Issued 795.74m
Market Cap 2,457.23m
Beta 0.06

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
Not Available
Price Trend
market
  1. full market star
  2. full market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. empty sector
  5. empty sector
Income
Not Available
Growth
market
  1. full market star
  2. half market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. empty sector
  4. empty sector
  5. empty sector
Price Chg 6m
market
  1. full market star
  2. full market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. empty sector
  5. empty sector
P/E
Not Available
PEG
Not Available
Dividend Yield
Not Available
EPS Growth
Not Available
Operating Margin
Not Available

What The Brokers Say

Strong Buy 8
Buy 0
Neutral 7
Sell 0
Strong Sell 1
Total 16
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SSP Group Dividends

  Latest Previous
  Final Interim
Ex-Div 05-Mar-20 06-Jun-19
Paid 04-Jun-20 28-Jun-19
Amount 6.00p 5.80p

Trades for 13-May-2021

Time Volume / Share Price
16:35 242,494 @ 308.80p
16:29 171 @ 307.60p
16:29 38 @ 307.70p
16:29 176 @ 307.70p
16:29 327 @ 307.70p

SSP Group Key Personnel

CFO Jonathan Davies
CEO Simon Smith
Chair Mike Clasper