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UK operator of food and beverage outlets in airports and train stations worldwide, under licensed and own brands.
UK operator of food and beverage outlets in airports and train stations worldwide, under licensed and own brands.
Wins the right to run outlets in an airport or station, paying the operator a share of sales as a concession fee, sometimes with minimum payments, and uses a mix of its own brands and licensed brands, for which it pays brand owners. Passenger traffic therefore moves sales directly, and new contract wins add outlets.
In one line: A UK HMSHost/Areas peer for travel food & beverage.
Moat: narrow (scale, distribution, customer qualification). Long-term travel-hub concession contracts and multi-brand portfolio built over decades.
Headquarters: London, UK · Founded: 1961 · Employees: 48,683
Size SSP (SSPG.L) is a United Kingdom Consumer Discretionary company (Restaurants) with a market value of $1.87B, the 167th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £186.00 on 6 Nov 2026.
Performance Over six months the shares gained 16.5%, against +24.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +4.4%); the operating margin is 7.3% (peer median 5.7%).
Valuation It trades at 13.9× forward earnings against a peer median of 23.9× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points below its cost of capital (8.5% WACC).
Next results Next results expected around 8 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £3.74B | £3.64B | £3.43B | £3.01B | £2.19B |
| Revenue growth | — | +6% | +14% | +38% | — |
| Gross profit | £1.17B | £1.13B | £1.09B | £944M | £607M |
| EBITDA | £715M | £686M | £618M | £510M | £274M |
| Net income | -£29.1M | -£74.4M | £27.4M | £8.10M | -£10.2M |
| Free cash flow | £485M | £487M | £281M | £220M | £250M |
| Capital expenditure | £229M | £246M | £297M | £242M | £160M |
| Total debt | n/a | £2.16B | £1.94B | £1.72B | £1.69B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SSP SSPG.L | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% |
| Avolta AVOL.SW | $8.03B | +8% | -1% | 7% | 13.8× | -1.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SSPG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | +8.6% | 6th lowest of 21 |
| 6-month return | +16.5% | +24.0% | 8th lowest of 21 |
| Distance from 52-week high | -15.2% | -8.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.6% | +4.4% | 11th highest of 21 |
| Operating margin | 7.3% | 5.7% | 10th highest of 21 |
| Forward P/E | 13.9× | 23.9× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 9.5% | 6th least demanding of 20 |
| Growth delivered (Del g) | +20.5% | +15.6% | 4th highest of 20 |
| Hurdle (Req g minus delivered) | -17.9 pp | -2.2 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | -0.3 pp | +0.5 pp | 9th lowest of 21 |
| EV / EBITDA | 5.1× | 11.0× | cheapest of 18 |
| Net debt / EBITDA | 2.9× | 2.9× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SSP SSPG.L | United Kingdom | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% | +20.5% |
| Yoshinoya 9861.T | Japan | $1.84B | +42% | +10% | 4% | 45.5× | 11.2% | +5.8% |
| Guzman y Gomez GYG.AX | Australia | $1.82B | +55% | +19% | 17% | 51.0× | 32.7% | +34.2% |
| Devyani International DEVYANI.NS | India | $1.68B | +8% | +14% | 4% | 323.9× | 52.1% | +37.6% |
| Travel Food Services TRAVELFOOD.NS | India | $1.63B | -6% | -2% | 30% | 31.7× | 13.0% | +15.6% |
| Wendy's WEN | United States | $1.55B | +12% | -1% | 13% | 17.9× | 2.4% | +4.7% |
| Colowide 7616.T | Japan | $1.51B | +21% | +16% | 4% | n/a | 13.6% | +12.3% |
| Monogatari 3097.T | Japan | $1.50B | +43% | +22% | 8% | 25.4× | 2.0% | +18.8% |
| create restaurants 3387.T | Japan | $2.34B | +14% | +3% | 5% | 65.7× | 17.8% | +17.3% |
| Domino's Pizza Enterprises DMP.AX | Australia | $1.48B | +48% | -11% | 5% | 16.9× | 17.9% | -1.4% |
| Arcos Dorados ARCO | United States | $1.45B | -23% | +11% | 6% | 9.1× | -3.5% | +18.7% |
| Cracker Barrel Old Country Store CBRL | United States | $1.45B | +106% | -5% | 0% | 30.3× | 14.0% | +3.3% |
| Sweetgreen SG | United States | $1.43B | +72% | -1% | -18% | n/a | n/a | n/a |
| Saizeriya 7581.T | Japan | $2.52B | +60% | +17% | 5% | 26.9× | 4.6% | +19.0% |
| Mitchells & Butlers MAB.L | United Kingdom | $2.56B | +25% | +3% | 12% | 10.2× | 4.7% | +12.9% |
| J D Wetherspoon JDW.L | United Kingdom | $1.33B | +69% | +5% | 5% | 19.6× | 7.7% | +23.7% |
| Guangzhou Restaurant 603043.SS | China | $1.31B | 0% | +9% | 11% | 17.3× | -3.5% | +10.4% |
| TORIDOLL 3397.T | Japan | $2.68B | +19% | +3% | 7% | 57.7× | 5.9% | +15.6% |
| Domino's Pizza DOM.L | United Kingdom | $1.19B | +24% | +6% | 15% | 13.1× | 9.5% | +6.3% |
| BJ's Restaurants BJRI | United States | $1.18B | +30% | +4% | 3% | 22.5× | 26.8% | +12.4% |
| Xiaocaiyuan International 0999.HK | Hong Kong | $1.17B | +16% | +3% | 15% | 13.1× | -9.6% | +15.8% |