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Compass Group posts full year results

22nd Nov 2016 - 08:39
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Compass Group has announced organic revenue growth of 5% in its full year results for the year ended September 30th 2016.

The company reports 8.1% growth in North America, organic revenue growth of 2.8% in Europe, and rest of world grew 3.6% excluding offshore & remote.

Group revenue is at £19.9 billion, up from £18.7 billion in 2015, and operating profit has risen 5.6% from £1,368 million to £1,445 million.

Richard Cousins, group chief executive, said: “Compass has had another strong year. Performance in North America continues to be excellent, and we are pleased with our progress in Europe. In the rest of world, the performance is mixed, with the impact of the cyclical downturn in our commodity related business offsetting reasonable progress elsewhere.

“Our expectations for 2017 are positive, with growth weighted to the second half of the year. The pipeline of new contracts is good and our focus on organic growth, efficiencies and cash gives us confidence in another year of delivery.”

Compass reports that fourth quarter growth rate was impacted by the closure of some contracts and strong sports & leisure comparatives in the UK. Business wins in the UK included HSBC. The company also states that like for like volumes were impacted by the timing of a number of sports events in the UK in the fourth quarter of 2015 and by weakness in the oil and gas business.

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PSC Team