Legal Entity Identifier (LEI) No. 2138008M6MH9OZ6U2T68
Another strong quarter with good growth across all regions.
23 July 2024 - Compass Group PLC, a global leader in food services, today announces trading results for the third quarter ended 30 June 2024.
Group and regional performance
The Group delivered another strong quarter with organic revenue growth of 10.3%. All regions continue to perform well, and industry trends remain strong, providing Compass with an exciting pipeline of new business opportunities.
Organic revenue growth1 |
Q3 2024 |
Q3 YTD 2024 |
|
9.9% |
10.6% |
|
12.0% |
12.2% |
Rest of World |
8.5% |
9.6% |
Group |
10.3% |
10.9% |
1 Year on year change.
As expected, net new business growth accelerated in Q3, whilst pricing moderated in line with inflation. Volumes continued to benefit from the quality of our offer and the value gap compared to the high street.
Acquisitions and disposals
We are continuing to invest in our portfolio, as we replicate our
The Group's net expenditure on M&A, including CH&CO and the disposal of our Brazilian business, which completed in May 2024, was
Share buyback programme
As at 19 July 2024, the Group had completed c.
Currency
If current spot rates were to continue for the remainder of the year, foreign exchange translation would negatively impact 2023 revenue by
Summary and guidance
We are pleased with our third quarter performance. The Group delivered good growth across all regions and benefited from improved net new business in line with our expectations.
For the full year we now expect underlying operating profit growth to be above 15% on a constant-currency basis, with organic revenue growth above 10%.
Procurement deep dive
The Group will present a virtual deep dive on its competitive advantage in procurement on 12 September 2024.
Conference call
There will be a live Q&A session for analysts and investors at 9.00am. Please connect to the call at least 10 minutes prior to the start time by dialling:
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+44 (0) 33 0551 0200 |
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0808 109 0700 |
New York Number: |
+1 786 697 3501 |
US Toll-Free Number: |
866 580 3963 |
Please reference COMPASS |
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Financial calendar
Payment date for 2024 interim dividend Procurement Deep Dive |
25 July 2024 12 September 2024 |
Full year results |
26 November 2024 |
Enquiries
Investors |
Agatha Donnelly, Helen Javanshiri,
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+44 1932 573 000 |
Press |
Tim Danaher, Brunswick
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+44 207 404 5959 |
Website |
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Forward-looking statements
Certain information included in this Announcement is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, the direct and indirect future impacts and implications of: public health crises such as the coronavirus COVID-19 on the economy, nationally and internationally, and on the Group, its operations and prospects; risks associated with changes in environmental scenarios and related regulations including (without limitation) the evolution and development of the global transition to a low carbon economy (including increasing societal and investor expectations); disruptions and inefficiencies in supply chains (such as resulting from the wars in
Forward looking statements can be identified by the use of forward-looking terminology, including terms such as 'believes', 'estimates', 'anticipates', 'expects', 'forecasts', 'intends', 'plans', 'projects', 'goal', 'target', 'aim', 'may', 'will', 'would', 'could' or 'should' or, in each case, their negative or other variations or comparable terminology. Forward-looking statements Forward-looking statements in this Announcement are not guarantees of future performance. All forward-looking statements in this Announcement are based upon information known to the Company on the date of this Announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements when making their investment decisions. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation or warranty that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the
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