27-Mar-2020 8:58 AM

SSP Group expecting GBP50m to GBP60m loss in operating profit

SSP Group reported (25-Mar-2020) revenue across the group will be around 40% to 45% lower year-on-year due to the coronavirus outbreak. It is expecting lose approximately GBP50m to GBP60 million in operating profit and has implemented the following to mitigate the impact:

  • Temporary closure of units;
  • Reduced operating hours;
  • Opening programme ceased for 2H2020;
  • Headcount reduction and temporary layoffs commenced;
  • Significant salary reductions across all senior management, the group executive and group board;
  • Majority of rent is being paid on a fully variable basis, as a percentage of revenue;
  • Ongoing discussions with landlords for further rent relief;
  • Discretionary overhead expenditure being reduced to minimum levels to operate the business. [more - original PR]

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