Compass Group enjoys strong results worldwide, despite tough economic conditions in Europe
Compass Group has reported a positive global performance for the first half of its financial year, but difficult economic conditions in Europe continue to hamper growth in the UK.
Total revenue for the world's largest contract caterer was £8.6b for the six months to 31 March 2012, up 8.6% year on year, including contribution from acquisitions, while organic revenue grew 5%. Compass spent £188m on acquisitions during this period.
Trading in the UK remains tough, with like-for-like revenue declines across much of the business & industry sector. The company said that the focus on efficient processes had intensified, with good progress made in simplifying the purchasing process.
Compass has reported that it continues to win quality new business, including a £5.7m multi-service contract at South Bristol Community Hospital and a £4.5m school meals deal with Derby City Council.
Group chief executive Richard Cousins (pictured) said: "We are continuing to generate cost efficiencies, which are enabling us to invest in the many growth opportunities we see across the group, with increasing emphasis on emerging markets.
"Looking forward, while we are not immune from the current economic difficulties in Europe, the fundamentals of the business are strong and I remain excited about the opportunities for future growth and margin progression."
Compass trading update warns of slow growth for first six months of year >>
Compass acquires Japanese food service company >>
By Janie Manzoori-Stamford
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