Compass ups full-year outlook on strong quarter
By Abigail Townsend
Date: Tuesday 23 Jul 2024
(Sharecast News) - Catering giant Compass Group boosted its full-year guidance on Tuesday, following a bumper third quarter.
Updating on trading, the world's largest catering company said organic revenues rose 10.3% in the three months to 30 June.
It saw growth in all regions, with sales up 12% in Europe and 9.9% in North America.
Compass provides food for work and school canteens in around 30 countries. North America is its biggest market, however, accounting for around 70% of group revenues.
It said: "The group delivered another strong quarter. All regions continue to perform well, and industry trends remain strong, providing Compass with an exciting pipeline of new business opportunities."
As a result, the blue chip upped full-year guidance for the second time this year.
It now expects underlying profit growth to be above 15% on a constant currency basis, and organic revenue growth above 10%.
It had previously forecast profit growth towards 15% and revenue growth trending towards 10%.
In the year-to-date, organic revenues were up 10.9%, with the biggest uptick - 12.2% - seen in Europe. In North America, revenues in the year to date were up 10.6%, and 9.6% in the rest of the world.
Compass last increased its guidance at its interim results in May, when it posted a 19% jump in operating profits, to $1.47bn, on revenues of $20.9bn.
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