The SSP Board has declared an interim dividend of 1.4 pence per share (H1 2024: 1.2 pence per share), with a view to maintaining the pay-out ratio for the full year at between 30% and 40% of underlying pre-IFRS 16 earnings per share, and with the interim dividend representing approximately one third of the expected full year dividend. The interim dividend will be paid, subject to shareholder approval, on 27 June 2025 to shareholders on the register on 30 May 2025.
Other financial highlights include:
Revenue of £1.7bn, up 9% at actual exchange rates and 12% on a constant currency basis, with like-for-like sales growth of 5%
Operating profit of £45m, up 20% at actual exchange rates and 31% on a constant currency basis, in line with expectations. Operating margin accretion of 40bps (on a constant currency basis)
Loss per share of 0.4p; improved in comparison to loss of 1.0p per share in the prior year, with stronger operating profit partially offset by higher finance charges
Free cash outflow of £(161)m, reflecting SSP's usual trading seasonality and the second half weighting of sales, profit and working capital, as well as the first half phasing of capital spend
Seasonally higher net debt of £764m and leverage of 2.2x at end of March 2025. Second half cash generation expected to reduce leverage towards the lower end of the medium-term target range of 1.5-2.0x by year end
Statutory IFRS underlying operating profit of £68m compared to £58m in the prior year. IFRS statutory operating profit was £15m, down 74% compared to the prior year primarily due to non-cash IT transformation costs as well as recognition of impairments in France and Italy
Statutory IFRS loss per share of 7.7p, compared to a loss of 1.3 per share in the prior year, primarily as a result of the costs noted above
