SSP Group, which operates foodservice sites in airports and railway stations in 35 countries, on Wednesday (Sept. 29) announced that its revenues in the last week were roughly 53% of 2019 levels, according to a pre-close trading announcement on the company’s website. Third-quarter revenues increased to 27% of 2019 levels, resulting in second-half revenue of 37%, with projections of nearly 50% in the fourth quarter.
The company operates hundreds of eateries in travel hubs in the U.K., Ireland, Continental Europe, North America, India, the Asia-Pacific and the United Arab Emirates, according to the company’s website. SSP Group owns Haven, Upper Crust and Ritazza and partners with international chains like Burger King and Starbucks at various travel hubs.
Domestic and leisure travel, which accounts for 60% of the company’s revenue, are recovering more rapidly than international and business travel, according to the report. Continental Europe and North America lead the company’s revenue projections for the fourth quarter at 53% and 52%, respectively, of 2019 levels.
For 2022, SSP Group anticipates revenues “at the upper end of a range of 25-30%” compared to pre-pandemic levels, according to the announcement.
Despite fears stemming from the spread of the delta variant of COVID-19, travel saw an uptick over the summer, as PYMNTS reported. AAA Travel bookings increased at least 11% over 2019 for the summer months.
Meanwhile, the Global Business Travel Association (GBTA) reported last month that more than half of its members and stakeholders expect that business travel will see a significant (8%) or moderate (47%) spike in the September-to-November timeframe.
Travel within Europe had dipped 27% as compared to the same week in August in 2019, PYMNTS reported. The rate marked the smallest change since March 2020.
International and domestic travel was up in May, with total demand down 62.7% as compared to May 2019 – an increase from the 65.2% decline in April 2021 as compared to April 2019.