SSP Irish Losses Triple – Pre-Tax Figures Reveal Sharp Decline
SSP Ireland Reports Tripled Losses Despite Rising Passenger Numbers
Table of Contents
Published August 22, 2024
Travel Retailer Faces Headwinds in Dublin Airport
Select Service Partner Ireland Ltd (SSPI), the Irish arm of global food and beverage giant SSP Group, experienced a significant downturn in financial performance last year, reporting pre-tax losses that more than tripled to €7.5 million. This comes despite a 2.3% increase in passenger numbers at Dublin Airport, indicating a challenging operating environment for the company.
revenue Decline and Impairment Charges
SSPI,which operates well-known brands like Burger King and Upper crust at Dublin Airport,saw its revenues decrease by €3 million,falling from €78.3 million in the 12 months ending September 2024 to €75.3 million. A ample portion of the increased losses – €5.1 million – stemmed from a non-cash impairment charge, considerably higher than the €1.2 million recorded in 2023.This suggests a reassessment of the value of certain assets.
Operating losses reached €6.86 million, compounded by net interest payments of €543,087, contributing to the overall pre-tax loss. The company also reduced its number of outlets from 27 to 24 during the period.
Investment in Upgrades Amidst Challenges
Despite the financial difficulties, SSPI has been actively investing in improving its presence at Dublin Airport. The company invested €2.2 million in “refreshing and enhancing” its units, aiming to provide a better experience for passengers. This included renovations to the Garden Terrace Bar & Kitchen and Upper Crust locations, which reopened in March 2025.This proactive approach suggests a long-term commitment to the Dublin Airport market.
staffing and Cost Pressures
The company reduced its workforce from 899 to 714 employees, resulting in a slight decrease in staff costs from €18.68 million to €18.19 million. However, rental costs increased from €22.24 million to €22.61 million, and depreciation costs totaled €2.7 million. These rising costs, coupled with broader economic factors, are significantly impacting profitability.
| Expense Category | FY2023 (€ millions) | FY2024 (€ millions) | Change (%) |
|---|---|---|---|
| Staff Costs | 18.68 | 18.19 | -2.6% |
| Rental Costs | 22.24 | 22.61 | +1.6% |
| Depreciation | N/A | 2.7 | N/A |
External Factors and Future Outlook
SSPI’s directors attribute the financial pressures to a combination of global and local factors. The ongoing Ukraine war continues to drive up utility prices, while increasing costs for labor, raw materials, and operations squeeze margins. Furthermore, the higher cost of living is impacting consumer spending, potentially leading to reduced footfall at airport concessions. The directors caution that price increases, while necessary to offset inflation, could deter customers.