Compass Group Revenue Rose Driven by Strong Growth Across All Regions; Backs Guidance
By Najat Kantouar
Compass Group said that it had a strong growth across all regions in the first quarter of fiscal 2024 and backed its full-year guidance.
The U.K. catering contractor said Thursday that the group organic revenue in the three months ended Dec. 31 rose 11.7%.
Regionally North America organic revenue rose 11.3%, Europe was up 13%, with the rest of the world 11.8% higher.
Compass like-for-like volume was better than anticipated, particularly in its business and industry sector, it said.
For the year ahead the company reiterated that it expects underlying operating profit growth towards 13%, with high single-digit organic revenue growth and ongoing margin progression.
"The group's good cash generation and balance sheet gives us the flexibility to invest in capex, driving organic growth, and acquire high quality businesses, unlocking further growth and enhancing shareholder returns," Chief Executive Dominic Blakemore said.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
February 08, 2024 02:30 ET (07:30 GMT)
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