Skip to content
Bramble

Business

SSP Group flags lower profit as Middle East conflict cuts passenger numbers

SSP Group, owner of Upper Crust, said passenger volumes fell sharply around Middle East travel hubs and that full-year profit will be slightly lower than planned, at about £230m. UK and Ireland sales rose 9% in the quarter.

2 outlets · 0L · 1C · 1R First reported Account updated
Image: Evening Standard
Image: City A.M.

1 / 2

The story, neutrally told

Mixed · 2SSP Group, which runs food and drink outlets in airports and train stations under brands such as Upper Crust and Millie's Cookies, said on 9 October that passenger numbers fell sharply in the Gulf and surrounding regions because of the Middle East conflict. Mixed · 2The company told investors it expects profit to be slightly lower than planned, at about £230m. Right · 1City A.M. reported that shares dipped by about 5% to 176.5p in early trading, and that SSP expects free cash flow to land modestly below its prior expectation for 2026.

Centre · 1The Evening Standard reported revenues of £3.8 billion for the year to the end of September, 5% higher than the year before. Mixed · 2The UK and Ireland was the strongest region in the July–September quarter, with like-for-like sales up 9%, which the company attributed to strong summer trading and outlet improvements, including refurbished Marks & Spencer shops. Right · 1Passenger numbers were also subdued in North America, where City A.M. reported like-for-like sales growth of 2% in the quarter, and sales growth in Asia Pacific, Eastern Europe and the Middle East was 1%.

Centre · 1Chief executive Patrick Coveney called the fourth-quarter trading performance "resilient" in a "challenging environment" and said the portfolio's diversification leaves SSP well placed to meet market expectations for group earnings per share. Right · 1According to City A.M., Gulf passenger numbers have recovered to roughly 90% of pre-war levels, while surrounding areas still reflect lower and local connecting passenger volumes; analysts at Panmure Liberum called the outcome resilient against a challenging backdrop.

Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.

Left0 outlets

No left outlet in our sources has covered this story yet.

Centre1 outlet

Framing
Leads on the sharp passenger drop but pairs it with a jump in UK and Ireland sales, presenting a mixed, 'resilient' result.
Emphasis
Annual revenue, UK and Ireland growth, brands and M&S refurbishments.
Leaves out or plays down
Share price reaction, Gulf recovery to about 90% of pre-war levels, and the free cash flow warning.
Charged language
“sharp drop”
For example
“cautioned over a sharp drop in passenger numbers in regions surrounding the Middle East and fewer in the US” — Evening Standard

Right1 outlet

Framing
Leads with a profit warning blamed on the Iran war's hit to tourism.
Emphasis
Share price fall, free cash flow, Gulf recovery to about 90%, analyst view.
Leaves out or plays down
Full-year revenue figure of £3.8bn.
Charged language
“warns on profit”“Iran war”
For example
“has warned it will take a hit to its profit after the Iran war caused a “significant contraction” in global tourism” — City A.M.