REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Catering group Compass Group (CPG.L) expects 2024 underlying operating profit to grow about 13%, aided by strong demand leading to high single-digit organic revenue growth and stronger margins, it said on Monday.
Compass, the world's largest catering group, said adjusted operating profit rose nearly 30% to 2.12 billion pounds ($2.64 billion) for the year ended Sept. 30, in line with market expectations.
"Going forward, we expect to sustain mid to high single digit organic revenue growth and ongoing margin progression leading to profit growth ahead of revenue growth and increased cash generation," CEO Dominic Blakemore said in a statement.
Annual underlying revenue grew 18.8% to 31.3 billion pounds, registering growth across its markets.
In financial year 2023, it signed 2.7 billion pounds of new business, with first-time outsourcing accounting for about 50%.
Persons:
Dado Ruvic, Dominic Blakemore, Compass, Hofmann, Yadarisa, Rashmi
Organizations:
REUTERS, Compass, Manufaktur GmbH, Thomson
Locations:
Argentina, Angola, Bengaluru