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Compass reports a fall in revenue in third quarter

Compass reports a fall in revenue in third quarter

Compass Group has seen a 2.1% year on year fall in organic revenue for the third quarter despite reporting a "slight acceleration" in new and retained business.

The world's largest contract caterer blamed the fall on challenging economic conditions, which it says continue to impact like for like volumes in the UK business and industry sector in the nine months to June 2010.

However the interim trading statement released today reported an increase in new business wins and the rate of retention across.

The business on a group level saw the rate of organic revenue growth accelerate to 5.5% in the third quarter (2.0% in the nine months to 30 June), which it said was driven by new business wins and a slight improvement in the retention rate worldwide.

The report said Compass now expects its global organic revenue growth to be over 2.5% for the full year, which it hopes to achieve through an ongoing focus on operating efficiency.

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By Janie Stamford

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