Building on our proven track record, 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.

Find out more about structural trends, our strategy and the competitive strengths of our business in our Annual Report and Accounts.

The markets in which we operate are fundamentally attractive

Air and rail travel markets will deliver long-term growth, albeit from a lower base, as the global economy recovers and an increasing proportion of the world’s population is willing and able to travel.

We expect the growth in our markets will be underpinned by longer-term trends that were evident prior to the pandemic, such as the trend towards increased eating out-of-home (including eating ‘on the move’) and investment in travel infrastructure and capacity expansion, in part supported by government policy.

Market value


The approximate market value of the travel food and drink market pre-pandemic, with c.80% related to the airport sector and c.20% to the rail sector.

Air passenger growth


Estimated air passenger annual growth rate between 2025-2030 in North America and Asia.

Rail passenger growth


Estimated rail passenger annual growth rate between 2025-2030 in Europe.

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Our economic levers

1. Like-for-like revenue growth

  • Brand portfolio enhancement
  • Range and menu optimisation
  • Customer research and insights
  • Implementation of digital customer solutions
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Our economic levers

2. Profit conversion

  • Gross margin optimisation
  • Labour and overhead efficiency
  • Managing rent and franchise fees
  • Technology and automation
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Our economic levers

3. Cash flow generation

  • A high conversion of profitability to cash
  • Re-investing to enhance our competitive strengths
  • Prioritising organic expansion
  • Allocating cash to maintain a strong balance sheet and create shareholder value
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Our economic levers

4. New business development

  • Contract renewals and extensions
  • Mobilisation of existing pipeline
  • New contract wins
  • Disciplined M&A
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Our strategy

Our strategy for sustainable growth