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Compass Group Posts $450M Profit In First-Half

by by Staff Reporter
Posted On: 5/21/2009

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Compass Group, Canteen vending, Richard Cousins, vending, vending machine, vending business, vending routes, coin-op, automatic retailing, foodservice, coffee service, catering, food concession

LONDON -- Compass Group reported profit of £287 million ($444.67 million) for the first half of fiscal 2009, up from £216 million ($334.79 million) during the same period in 2008. Revenue of £6.93 billion ($10.74 billion) during the period rose from £5.59 billion ($8.66 billion) a year earlier. The company reported organic revenue growth in all regions: 4.4% in North America, 1.2% in continental Europe and 5.4% throughout the rest of the world.

The managed services giant said 8.5% growth in new business across all sectors was consistent with last year's first half performance. Gains in the education, healthcare and defense, offshore and remote-site sectors remained strong during the six-month period. As expected, same-location revenue has continued to weaken in parts of the business-and-industry and sports-and-leisure sectors, as clients have reduced headcounts as well as discretionary spending on event catering and corporate hospitality.

"Against the backdrop of deteriorating economic conditions, Compass has had a positive first half. We are encouraged by our continued ability to win high- quality new business at levels consistent with last year," said chief executive Richard Cousins. "We have demonstrated our ability to flex our cost base and respond to more variable demand." The Compass chief expects a similar level of growth in the second half.

The company said it continues to benefit from the ongoing trend toward outsourcing foodservice, and that clients are increasingly asking to bundle food and support services like cleaning, grounds maintenance and hospitality services.

Compass Group is the parent company of Canteen, a leading national vending company in North America that operates 150 branches and 18,500 client sites.