Compass points West for growth

Compass Group, the global venue caterer, has reported finishing its financial year, 30 September, with strong trading in North America, in particular.

The group, which caters for 50,000 different locations round the world, is set to return cash to shareholders.

The company’s accounts show 45 per cent of group revenues coming from North America, 35 per cent from Europe and Japan and the rest from newer markets such as Australia.

North America has posted the best performance in the year for the group to the end of September, with new business wins accelerating and organic revenue up 6.5 per cent. That figure is ahead of the four per cent revenue growth reported across the whole group.

With so much business in the US, the recent weakening of sterling has even caused some City analysts to upgrade their forecasts for the company.

The company appears to be keeping costs down as profit margins across the whole group inch up from 7.3 per cent to 7.4 per cent.

Compass has pledged to buy back £500m worth of shares over the next year, which currently trade on 20 times earnings.
 

Do you have news for CN? Email: pcolston@mashmedia.net

Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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