Passengers delayed in airports and stations provide boost for Upper Crust owner SSP
SSP says revenue is back at 89% of pre-pandemic levels thanks to longer ‘passenger dwell times’
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Travel chaos has caused misery at airports and train stations – but it has boosted income at SSP, the company that sells distress-purchase sandwiches and drinks through brands such as Upper Crust, Caffe Ritazza and Camden Food Co.
In an update to shareholders, the business said revenue was running at 89 per cent of 2019 levels in the seven weeks since 24 May.
Thousands of passengers have been stuck in airports and train stations waiting for planes and trains delayed by staffing chaos or strikes.
“Our revenue performance has been driven by an ongoing recovery in passenger numbers and has also benefited from longer passenger dwell times in some markets,” SSP told shareholders on Thursday.
“The recovery has been led by domestic and leisure travel in both air and rail. Rail commuter travel continues to recover well, albeit at a slower pace than leisure travel.”
But in SSP’s recovery from the pandemic, its UK business is lagging behind other markets. UK sales averaged 82 per cent of 2019 levels in the quarter, compared to 93 per cent in Europe, and 91 per cent in North America.
In the update, the business also signalled that it might hike prices for customers trying to buy food from its shops.
“In common with the entire hospitality sector, we continue to face widespread and increasing inflationary pressures impacting our supply chain, labour and energy costs, and these are anticipated to persist well into next year,” SSP said.
“However, we are confident in our ability to manage these pressures through productivity and pricing initiatives and expect to mitigate the impact on profit, whilst sustaining the positive momentum in consumer demand.”