SSP, the company behind Upper Crust and Millie's Cookies, has announced a review of its Continental European rail division. The group cited falling passenger numbers and increased competition as factors behind the decision, noting that it is considering “all potential options” for the business.
The review, supported by consultancy Alvarez & Marsal, is expected to conclude by May 2026. SSP said the slow return of passengers since Covid, changing travel habits, and a rise in food and beverage competition had prevented adequate returns on its rail investments in the region.
Despite the challenges, SSP reported an 8% rise in underlying pre-tax profits to £193 million for the year to September 30, with revenues up 6% to £3.6 billion. The group also upgraded its profitability outlook for the current financial year, boosting shares by 15% in morning trading.
Chief Executive Patrick Coveney acknowledged the need to strengthen performance in Continental Europe, but highlighted strong trading across three of four regions. He noted an encouraging start to 2025-26, with group-wide like-for-like sales growth of 4%.
In the UK and Ireland, like-for-like sales grew 7%, supported by new contracts at Bournemouth, Exeter, and Southampton airports. SSP also flagged a trend toward experience-led concepts, such as a Peaky Blinders-themed restaurant at Birmingham Airport.
