# SSP Group (SSPG.LSE)

Canonical: https://gigainvestors.com/s/SSPG.LSE

Analysis as of: 2026-10-16T07:41:27.490Z. Financial observations: FY2011–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 179.90 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 7.73×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: -0.30×

- FY2021: -0.37×

- FY2022: 0.04×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.7%

- ROIC, second-lowest year: -21.5%

- Typical minus recent gross margin: -8.7 pp

- Typical gross margin (annual median): 22.4%

- Recent gross margin (lower of latest and 3-year median): 31.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: -21.7%

- FY2021: -21.5%

- FY2022: 7.6%

- FY2023: 10.0%

- FY2024: 11.4%

- FY2025: 5.2%

### economics: fail

- Cash conversion uses consolidated free cash flow after all capital expenditure and consolidated net income (informational).

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: Yes

- Owner earnings, five-year total: GBP 185M

- Net income, five-year total: GBP -235M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.9 pp

- Working capital / revenue, final three-year average: -5.7%

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 215.4% vs 10.0%

- Per-share earnings: 0.16 to 0.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.2%

- Ordinary dilution, 5-year annual growth: 4.4%

- Market cap gain: GBP -614M

- Cumulative retained earnings: GBP -282M

- Diluted shares, 10-year annual growth: 6.2%

- Diluted shares, 5-year annual growth: 4.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -29.4%

- Per-share value change: GBP -0.15

- Per-share value, starting three-year median: GBP 0.16

- Per-share value, ending three-year median: GBP 0.01

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 916M

- Cumulative net income, 10 years: GBP -373M

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.16

- FY2017: GBP 0.21

- FY2018: GBP 0.25

- FY2019: GBP 0.23

- FY2020: GBP -0.58

- FY2021: GBP -0.45

- FY2022: GBP -0.01

- FY2023: GBP 0.01

- FY2024: GBP 0.03

- FY2025: GBP -0.09

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -23.8%

- Receivables to sales index (DSRI): 1.49×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 8.76×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.7%

- FY2017: -10.7%

- FY2018: -10.0%

- FY2019: -9.7%

- FY2020: -12.9%

- FY2021: -15.3%

- FY2022: -15.7%

- FY2023: -16.2%

- FY2024: -17.0%

- FY2025: -23.8%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 36% since Feb 2022 · sales +6%

Story as of 2026-10-16T10:00:11.912Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6%; source https://filings.xbrl.org/213800QGNIWTXFMENJ24/2025-09-30/ESEF/GB/0/213800QGNIWTXFMENJ24-2025-09-30/reports/213800QGNIWTXFMENJ24-2025-09-30-T01.xhtml; observed 2026-02-03.

- FY2016: GBP 2.0B 

- FY2017: GBP 2.4B 

- FY2018: GBP 2.6B 

- FY2019: GBP 2.8B 

- FY2020: GBP 1.4B 

- FY2021: GBP 834M 

- FY2022: GBP 2.2B 

- FY2023: GBP 3.0B 

- FY2024: GBP 3.4B 

- FY2025: GBP 3.6B 

### Gross margin · FY2025

gross margin 31.1%; source https://filings.xbrl.org/213800QGNIWTXFMENJ24/2025-09-30/ESEF/GB/0/213800QGNIWTXFMENJ24-2025-09-30/reports/213800QGNIWTXFMENJ24-2025-09-30-T01.xhtml; observed 2026-02-03.

- FY2016: 21.2% 

- FY2017: 22.1% 

- FY2018: 22.4% 

- FY2019: 22.4% 

- FY2020: 3.9% 

- FY2022: 27.8% 

- FY2023: 41.7% 

- FY2024: 47.1% 

- FY2025: 31.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are GBP 3.6 billion.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2025-09-30 (filed 2026-02-03); FY2025: revenue 3638500000; grossProfit 1132400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SSPG.LSE: SSP Group plc operates food and beverage outlets in North America, Europe, the United Kingdom, Ireland, the Asia Pacific, Eastern Europe, the Middle East, and internationally. The company engages in designing, creating, and operating restaurants, bars, cafés, lounges, and convenience retail outlets at airports, railway stations, motorway service areas, hospitals, and shopping centers. It also operates sandwich shops and bakeries. The company was founded in 1961 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 31.1% to 47.1% during 2023–25; it earns 10.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2023-09-30 (filed 2026-02-03); FY2023: grossProfit / revenue = 41.7%.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2024-09-30 (filed 2026-02-03); FY2024: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2025-09-30 (filed 2026-02-03); FY2025: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); 10-year return on capital observations [[2016,1.8488454181089453],[2017,2.9175058448597886],[2018,2.154221722667155],[2019,1.0442150945551054],[2020,-0.21676548643925173],[2021,-0.21460903180460375],[2022,0.07645584265329734],[2023,0.09993547792423264],[2024,0.11399700289569853],[2025,0.05185165421558165]]; median 0.10696624040996558. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2016-09-30 (filed 2026-02-03); FY2016: growth capex 16500000; upkeep 81100000; owner earnings 72000000. Growth capex / owner earnings = 0.22916666666666666.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2017-09-30 (filed 2026-02-03); FY2017: growth capex 10000000; upkeep 97400000; owner earnings 92800000. Growth capex / owner earnings = 0.10775862068965517.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2018-09-30 (filed 2026-02-03); FY2018: growth capex 23633832.50251004; upkeep 122966167.49748996; owner earnings 94233832.50251004. Growth capex / owner earnings = 0.25079986534433396.

- Source: https://eodhd.com/api/fundamentals/SSPG.LSE.json#2019-09-30 (filed 2026-02-03); FY2019: growth capex 31810144.420732558; upkeep 144089855.57926744; owner earnings 90070144.42073256. Growth capex / owner earnings = 0.3531707939996422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Dividend observations: [[2016,22300000],[2017,29000000],[2018,145800000],[2019,200800000],[2020,26800000],[2021,0],[2022,0],[2023,0],[2024,29500000],[2025,29600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SSPG.LSE SharesStats.PercentInsiders = 0.783 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Closing price 179.9 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 4.523726833480162; price multiple 0.39768095338683523. FY2024 cash earnings/share -0.04736271360620146. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 281.19 per share

- 2016-11: GBX 306.19 per share

- 2016-12: GBX 320.51 per share

- 2017-01: GBX 323.57 per share

- 2017-02: GBX 345.01 per share

- 2017-03: GBX 344.93 per share

- 2017-04: GBX 368.27 per share

- 2017-05: GBX 403.20 per share

- 2017-06: GBX 393.85 per share

- 2017-07: GBX 421.74 per share

- 2017-08: GBX 457.75 per share

- 2017-09: GBX 444.92 per share

- 2017-10: GBX 484.24 per share

- 2017-11: GBX 534.32 per share

- 2017-12: GBX 565.36 per share

- 2018-01: GBX 504.52 per share

- 2018-02: GBX 500.38 per share

- 2018-03: GBX 506.17 per share

- 2018-04: GBX 539.86 per share

- 2018-05: GBX 533.82 per share

- 2018-06: GBX 525.04 per share

- 2018-07: GBX 564.20 per share

- 2018-08: GBX 574.71 per share

- 2018-09: GBX 599.87 per share

- 2018-10: GBX 552.61 per share

- 2018-11: GBX 518.42 per share

- 2018-12: GBX 535.89 per share

- 2019-01: GBX 551.78 per share

- 2019-02: GBX 549.63 per share

- 2019-03: GBX 573.05 per share

- 2019-04: GBX 576.12 per share

- 2019-05: GBX 554.60 per share

- 2019-06: GBX 567.84 per share

- 2019-07: GBX 584.39 per share

- 2019-08: GBX 585.22 per share

- 2019-09: GBX 513.21 per share

- 2019-10: GBX 527.28 per share

- 2019-11: GBX 557.91 per share

- 2019-12: GBX 538.04 per share

- 2020-01: GBX 533.07 per share

- 2020-02: GBX 419.67 per share

- 2020-03: GBX 254.53 per share

- 2020-04: GBX 232.10 per share

- 2020-05: GBX 230.94 per share

- 2020-06: GBX 212.90 per share

- 2020-07: GBX 170.19 per share

- 2020-08: GBX 203.13 per share

- 2020-09: GBX 149.41 per share

- 2020-10: GBX 154.54 per share

- 2020-11: GBX 273.16 per share

- 2020-12: GBX 274.65 per share

- 2021-01: GBX 239.88 per share

- 2021-02: GBX 285.08 per share

- 2021-03: GBX 308.26 per share

- 2021-04: GBX 320.00 per share

- 2021-05: GBX 294.10 per share

- 2021-06: GBX 266.40 per share

- 2021-07: GBX 261.20 per share

- 2021-08: GBX 272.70 per share

- 2021-09: GBX 276.80 per share

- 2021-10: GBX 257.50 per share

- 2021-11: GBX 215.40 per share

- 2021-12: GBX 240.10 per share

- 2022-01: GBX 272.80 per share

- 2022-02: GBX 279.10 per share

- 2022-03: GBX 227.20 per share

- 2022-04: GBX 237.30 per share

- 2022-05: GBX 271.80 per share

- 2022-06: GBX 232.90 per share

- 2022-07: GBX 254.30 per share

- 2022-08: GBX 211.70 per share

- 2022-09: GBX 189.85 per share

- 2022-10: GBX 202.30 per share

- 2022-11: GBX 212.90 per share

- 2022-12: GBX 229.00 per share

- 2023-01: GBX 259.00 per share

- 2023-02: GBX 259.40 per share

- 2023-03: GBX 246.10 per share

- 2023-04: GBX 257.80 per share

- 2023-05: GBX 269.20 per share

- 2023-06: GBX 250.80 per share

- 2023-07: GBX 251.60 per share

- 2023-08: GBX 235.00 per share

- 2023-09: GBX 202.60 per share

- 2023-10: GBX 180.00 per share

- 2023-11: GBX 208.00 per share

- 2023-12: GBX 234.80 per share

- 2024-01: GBX 226.00 per share

- 2024-02: GBX 219.00 per share

- 2024-03: GBX 219.20 per share

- 2024-04: GBX 196.90 per share

- 2024-05: GBX 166.30 per share

- 2024-06: GBX 148.10 per share

- 2024-07: GBX 183.00 per share

- 2024-08: GBX 169.60 per share

- 2024-09: GBX 159.30 per share

- 2024-10: GBX 161.30 per share

- 2024-11: GBX 160.00 per share

- 2024-12: GBX 180.70 per share

- 2025-01: GBX 183.00 per share

- 2025-02: GBX 166.60 per share

- 2025-03: GBX 149.90 per share

- 2025-04: GBX 148.00 per share

- 2025-05: GBX 163.10 per share

- 2025-06: GBX 172.30 per share

- 2025-07: GBX 171.00 per share

- 2025-08: GBX 153.80 per share

- 2025-09: GBX 171.30 per share

- 2025-10: GBX 153.60 per share

- 2025-11: GBX 151.50 per share

- 2025-12: GBX 206.00 per share

- 2026-01: GBX 183.10 per share

- 2026-02: GBX 205.60 per share

- 2026-03: GBX 174.90 per share

- 2026-04: GBX 158.90 per share

- 2026-05: GBX 168.10 per share

- 2026-06: GBX 187.70 per share

- 2026-07: GBX 199.30 per share

- 2026-08: GBX 201.00 per share

- 2026-09: GBX 191.10 per share

- 2026-10: GBX 179.90 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 63.49 per share, central GBX 68.63 per share, high GBX 75.48 per share

- FY2017: low GBX 184.96 per share, central GBX 206.44 per share, high GBX 235.03 per share

- FY2018: low GBX 239.84 per share, central GBX 270.03 per share, high GBX 310.23 per share

- FY2019: low GBX 233.37 per share, central GBX 261.09 per share, high GBX 298.00 per share

- FY2020: low GBX 111.45 per share, central GBX 123.50 per share, high GBX 139.53 per share

- FY2021: low GBX 132.13 per share, central GBX 137.23 per share, high GBX 144.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:47:18.157Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800QGNIWTXFMENJ24/2025-09-30/ESEF/GB/0/213800QGNIWTXFMENJ24-2025-09-30/reports/213800QGNIWTXFMENJ24-2025-09-30-T01.xhtml); period 2025-09-30, filed 2026-02-03.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Thomas Russo](https://gigainvestors.com/GR): 700,000 SSPPF shares; USD 1,744,000 reported position value; 0.02% of portfolio; hold; quarter 2026 Q2.