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Compass Group posts rise in revenue, with operating profit at £2.3bn

5th Dec 2024 - 07:00
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Compass Group posts rise in revenue, with operating profit at £2.3bn
Abstract
Global services provider Compass Group has posted year-end results for the 12 months to September 30th, with revenue coming in at US$42.2bn (£33.26bn) — a 10.6% improvement on 2023.

Operating profit grew by 16.4% to almost US$3bn (£2.36bn), driven by new business and renewed contracts.

Earnings per share made an impressive jump to US$1.195 (£0.94), up 14.6% from last year. The final dividend for the year has been confirmed at US$0.598 per share, up 13.7% from 2023.

Dominic Blakemore, group chief executive, said: “2024 has been a year of strong operational and financial performance, with net new business growth accelerating in the second half as expected. The business continues to successfully capitalise on the dynamic market trends, using its proven competitive advantages to drive higher revenue and profit growth.

“We have exited, or agreed to exit, nine non-core countries, further improving the quality of our portfolio and enabling us to better focus on our core markets with the greatest growth opportunities. To support this growth, we’re investing in capex to drive net new business and are currently prioritising strategic acquisitions to further enhance our unique sectorised approach to clients.

“The integration of recent high-quality acquisitions in Europe is progressing well, and we’re excited by the capabilities they bring to the Group. In 2025, we expect high single-digit underlying operating profit growth, driven by organic revenue growth above 7.5% and ongoing margin progression.

“Longer term, we are confident in sustaining mid-to-high single-digit organic revenue growth with ongoing margin progression, leading to profit growth ahead of revenue growth.”

Written by
David Foad