Compass publishes Q1 financials

Compass group chief executive, Dominic Blakemore
08/02/2019 - 10:28
Hospitality provider Compass Group has released its Q1 trading update, claiming it had an “excellent” start to the year and is “excited” about future growth opportunities.

For the three months to 31 December 2018, the group’s organic revenue grew by 6.9%, which was largely driven by new business wins and saw organic revenue up 6.4% in Europe.

Organic revenue was also +8% in North America and slightly lower at +2.8% in Rest of the World.

That said, Compass believes it had an “excellent start to the year and now expects to be slightly above the middle of (its) target 4-6% organic growth range for the full year, with modest margin progression.

“In the longer-term, (it) remains excited about the significant structural growth opportunities globally and the potential for further revenue growth and margin expansion.”

Focusing on its core food offering, the company also spent £196 million on acquisitions in North America in Q1 to “strengthen its capabilities” and predicts a “good pipeline of opportunities” across the Group moving forward.

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