13th May 2015 06:42
LONDON (Alliance News) - Compass Group PLC Wednesday reported a rise in profit in the first half of its financial year, boosted by strong sales in North America and the emerging markets.
The catering and outsourcing company reported a 4.9% rise in pretax profit for the six months to March 31 to GBP621 million, while its organic revenue grew 5.7% to GBP8.9 billion. Its operating margin increased by 10 basis points to 7.5%.
Compass said its sales were boosted by "excellent" performances in North America and the emerging markets, while Europe and Japan returned to growth despite "a mixed economic backdrop" in the regions.
Compass said it will pay an interim dividend of 9.8 pence, up 11% on the prior year.
"Our expectations for the full year remain positive and unchanged. However, the economic environment in some of our emerging markets is uncertain, and lower commodity prices are impacting our Offshore & Remote business. Nevertheless, our pipeline of new contracts is encouraging, and our continued focus on organic growth and efficiencies gives us confidence in achieving another year of delivery," Chief Executive Richard Cousins said in a statement.
"In the longer term, we remain excited about the significant structural growth opportunities globally and the potential for further revenue and margin growth, as well as continued returns to shareholders," Cousins added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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