We are focused on generating long-term sustainable growth and returns.

We hold leading positions in the large but fragmented travel catering market and are well positioned to capitalise on the long term growth of passengers in the travel sector.

Read our Annual Report and Accounts 2025

The markets in which we operate are fundamentally attractive

 

The travel sector benefits from long-term structural growth trends, with air passenger numbers set to grow by 3.6% per annum in the next 10 years.

We also see a positive outlook for the travel food and beverage (F&B) sector, in which we are the largest pure-play travel F&B operator globally. Market growth in the sector is expected to be driven by out-of-home eating (including ‘on the move’); investment in infrastructure in railway stations and airports, leading to an increase in F&B outlets; the continued move away from providing complementary food and drink on flights; and rising incomes in emerging markets across Asia, therefore rapidly increasing propensity to travel.

Read more about market trends in our 2025 Annual Report
Market value

c.£27bn

The approximate market value of the travel food and drink market at FY25

Our market share

14%

in the global F&B market

Air passenger growth

3.6%

Estimated air passenger annual growth rate between 2025-2035 globally

Our investment case

Our investment case is underpinned by an experienced leadership team,
a diverse global presence, dedicated colleagues and a focus on delivering operational excellence across our business.

Read more about our investment case
  • Significant presence in structurally growing markets
  • Operational capability and efficiency
  • Effective deployment of capital to deliver returns
  • Stable balance sheet position
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Our economic levers

1. Like-for-like revenue growth

We operate in markets that have long term structural growth, and we aim to deliver sustainable like-for-like growth at least in line with market levels.

We tailor our product offer to meet our customers’ needs, aligning with their expectations and emerging trends, whether that is value for money, premium offers, dietary requirements or healthier menu options. We create digital offerings through kiosks, order-at-table apps and self-checkouts, increasing speed of service and spend per transaction.

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Our economic levers

2. Profit conversion

The travel concession market operates on a variable rent linked to sales, which means we need to ensure all other cost lines are effectively managed to deliver an appropriate profit conversion.

We manage our food costs through range and recipe reviews, which help us identify low-margin or slow-moving products, to drive gross profit and minimise food waste. We allocate our teams’ time across the day parts to ensure we maximise sales-driving opportunities while minimising cost at quieter times of the day. We challenge ourselves to minimise our overheads, for example, reducing energy usage across the estate.

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Our economic levers

3. Cash flow generation

We generate cash profit at unit or site level, and in addition, benefit from negative working capital as we receive cash from our sales well in advance of having to pay suppliers. We carefully manage our clients and suppliers, agreeing payment terms as part of our contractual negotiations.

Our cash is used to fund our capital expenditure, tax and interest payments as well as dividends and any share buyback programme.

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Our economic levers

4. New business development

Our markets typically operate on fixed-term concession contracts or leases and therefore, there is a regular renewal cycle for our units. We focus on retaining our existing locations, leveraging our strong relationships with our clients.

We also seek to grow our business through new wins, crafting the right brand mix to meet the needs of a location’s customers and clients. We have developed skills and capabilities to build and open these new units as quickly as possible, despite the challenging build environments in which we operate.

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Our strategy

Our strategy for sustainable growth and returns