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SSPG

Ssp Group PLC

Travel and Leisure First-pass screen £1.2bn
390/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 50
Valuation 25% 30
Downside protection 15% 55

First-pass take

SSP operates a large F&B outlet network in travel hubs with solid execution (revenue +8% constant currency, margins +30bps). However, it lacks AI exposure, operates a labour-intensive model with limited operating leverage, and offers no valuation multiples. Recent impairments (£183m, including £32m German goodwill write-down) signal asset quality concerns.

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