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Compass produces strong set of results

Global caterer, Compass Group, has reported an 18 per cent rise in profits as published in its full year results for the year ended 30 September 2017.

Revenue also grew by 15 per cent to £22.6 billion from £19.9 billion the previous year.

Organic revenue growth accelerated in the second half of the year “as expected” rising by 4 per cent, predominantly due to another “excellent year” in North America where organic revenue rose by 7.1 per cent.

The company also reported a 1.6 per cent increase in organic revenue in Europe, whilst across the rest of the world organic revenue declined by 2.5 per cent, but excluding Offshore & Remote it grew by 3 per cent.

Total returns to shareholders was £1.6 billion, including a £1 billion special dividend.

Commenting on the results, Richard Cousins, Group Chief Executive, said: “Compass had another strong year. North America continues to deliver excellent growth, we are continuing to make progress in Europe and in Rest of World, with trends in our commodity related business improving.

“We continue to drive operating efficiencies around the business which, combined with the end of the restructuring in our Offshore and Remote business, resulted in margin improvement of 20bps in the period.

“Given our excellent cash generation and the strength of the business, this year we returned £1.6 billion to shareholders via ordinary and special dividends and share buybacks. This reflects our commitment to return surplus cash to shareholders whilst maintaining an efficient balance sheet.

“Our expectations for FY2018 are positive, with growth and margin improvement weighted to the second half. The pipeline of new contracts is encouraging and our focus on organic growth, efficiencies and cash gives us confidence in achieving another year of progress.

“In the longer term, we remain excited about the significant structural growth opportunities globally and the potential for further revenue growth, margin improvement, as well as continued returns to shareholders.”


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