Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories.

Going on holiday when growing up, I associated Gatwick with the treat of an Upper Crust baguette — I thought they were the best thing ever.

Now, after a few rough years, a strengthening travel sector is giving Upper Crust’s parent company a helping hand once again. SSP, which relies heavily on airports and train stations, posted higher full-year annual revenue and profit with sales increasing in most regions. The only exception was continental Europe, which was hit by a slower recovery and strikes in the rail sector. Shares rose 8% at the open.

It adds to a more recent narrative pointing to air travel being back, backed up by both Wizz Air and Ryanair this morning noting growing passenger numbers in November.

Package holiday provider On The Beach is also reaping the benefits: it posted rising revenue and profit, and announced a share buyback. Winter bookings are 25% ahead of last year and it expects those for next summer to be “significantly” better than 2024. Its shares popped 11% on the news.

For SSP, that demand for travel and growth in passengers is what is underpinning its confidence ahead. There is some way to go, however. Shares are trading far below pre-Covid levels and it is implementing a turnaround plan for its struggling continental Europe unit.

Its focusing on expanding at airports globally and launching pubs and restaurants. Either way, they've got a lot of sales at the gate to make.

What’s your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

What We’re Watching

Greencore, which supplies supermarkets and corner shops with sarnies, sushi and salads, expects a £7.5 million hit to labour costs from the budget. Despite missing revenue estimates, full-year volumes and profits rose and it launched a small buyback.

Christmas bookings are tracking ahead of last year for pub operator Marston’s, which reported rising sales this year and reduced debt. Labour’s budget has added to cost pressures, but it says the measures are “considered manageable”.

Galliford Try is in charge of two London projects worth £87 million. The first is to redevelop a Sloane Street site into luxury retail, offices and a rooftop restaurant (la-di-da), and the second is for a new Big Yellow Self Storage storage facility in Wapping.

Global Catch Up

• Barnier warns France has reached “moment of truth” as government set to collapse.
• Musk’s SpaceX in talks to sell insider shares that may grow valuation to $350 billion.
• China leaders to map out 2025 economic targets in closed-door meeting next week.

Markets Today: Broken Dreams

Here’s your daily snap analysis from Bloomberg UK’s Markets Today blog:

There is a tentative roster of potential listings emerging for London in 2025, from China’s Shein to French media group Canal+. But make no mistake, for all that the success of Raspberry Pi lifted the mood a little, this year has been another to forget for the UK IPO market.

The amount of cash listed is set to fall again in 2024, meaning three years of barely any activity. That’s worse than in the aftermath of the financial crisis, according to broker Panmure Liberum. And, it said, given that there has been an improvement in the US and Europe, “something is broken” in the UK.

Not only that, but the cheap valuations of UK stocks have continued to attract buyers. And this year, the companies being targeted have got bigger, graduating from the smallcap index to the FTSE 250. Unless there is a sharp improvement in sentiment toward the UK and flows into equity markets, that’s not likely to change and might mean some even larger companies find themselves with suitors at the door next year.

A combination of cheap stocks being snapped up and a dearth of any new listings to replace them does not a happy picture paint for the future of UK equity markets.

— Sam Unsted

Check Bloomberg UK’s Markets Today blog for updates all day.

What’s Next

A few smaller companies report tomorrow, including vehicle rental firm Zigup and vending machine operator Me Group.

Plus, our eyes are peeled for any deal updates. This Friday’s deadline for General Atlantic buying out Learning Technologies is closing in, plus those for larger-fry takeovers later this month, including Aviva for Direct Line.

Pub Quiz

Cillian Murphy has been spotted on set for the upcoming Peaky Blinders film in Wrexham, Wales. The period crime drama was created by British writer, producer and director Steven Knight. Among other accolades, Knight was also the co-creator of which world-famous UK quiz show?

Clue: "Is that your final answer?"

Cillian Murphy won an Oscar this year for Best Performance by an Actor. Photographer: Amy Sussman/Getty Images North America

[Yesterday’s answer: Man City manager Pep Guardiola held up six fingers to fans chanting he would be sacked after a loss to Liverpool, to represent the number of Premier League titles he has won.]

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