Compass Group Backs Full-Year View After 3Q Organic Revenue Growth
July 25 2023 - 2:45AM
Dow Jones News
By Christian Moess Laursen
Compass Group on Tuesday backed its full-year guidance after
organic revenue grew in the third quarter of fiscal 2023.
The U.K. catering contractor said organic revenue grew 15% in
the quarter ended June 30, a slowing from 25% at the half-year,
while year-to-date organic revenue has grown 21%, driven by client
retention rate of 96.7%, net new business growth, pricing and
volume growth.
The FTSE 100-listed company said it will continue to focus on
bolt-on acquisition, and that its net expenditure year-to-date on
acquisitions and disposals was 272 million pounds ($348.9
million).
If current currency movements continue for the remainder of the
year, Compass expects this to have a positive impact on revenue and
operating profit of GBP593 million and GBP43 million,
respectively.
Looking ahead, the company reaffirmed its full-year view, and
added that long-term it sees mid-to-high single-digit organic
growth and a return to its historical margin, leading to profit
growth above revenue growth, it said.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
July 25, 2023 02:30 ET (06:30 GMT)
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