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Compass Group Attributes First-Half Gains To Strength In North America, Emerging Markets

Posted On: 4/3/2012

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Compass Group, Canteen Vending, Compass Group fiscal 2012, vending machine business, food service, contract foodservice, coffee service, office refreshments, world's biggest contract foodservice provider

LONDON -- Compass Group, the world's biggest contract foodservice provider and parent of Canteen Vending, said it anticipates 8.5% revenue growth for first half of the fiscal year, driven by solid performances in North America and emerging markets.

Despite the strong first-half performance, Compass Group said a challenging economic environment in Britain and parts of Europe will put the brakes on organic sales growth in the first half compared with the same period the year before.

The company will report on May 16 its results for the half year, ended March 31.

Compass said its operating profit margin for the first-half was expected to be at the same level as the comparably period last year. It added that its positive performance in the first quarter has continued into the second quarter, leaving its full-year expectations unchanged.

(In fiscal 2011, ended Sept. 30, Compass's profits rose 8% and revenues increased by a similar percentage... | SEE STORY)

"As we look out to the second half, [while] the current economic uncertainty is likely to continue to put pressure on like-for-like volume in some regions, we remain positive about the opportunities to grow the business and we are encouraged by the pipeline of new business," the company said.