Strong US, emerging markets continue at Compass
Contract caterer Compass said it had a good first quarter with expectations for the full year positive and unchanged as its North America and emerging market performing strongly.
Contract caterer Compass said it had a good first quarter with expectations for the full year positive and unchanged as its North America and emerging market performing strongly.
"North America and Fast Growing & Emerging are continuing to perform well and we are making good operational progress in Europe & Japan," it said in a company statement.
First quarter organic revenue grew nearly 6% while organic revenue growth in North America benefited from the Ascension Health contract which contributed over 1% to global sales in the period.
However in Europe the trading environment remains difficult, as expected, but it says cost reduction plans are on track.
Like for like revenue is positive overall but continues to show different trends across the world; positive in North America, negative in Europe & Japan and strong in Fast Growing & Emerging, Compass explained.
"In the longer term, we remain positive about the significant structural growth opportunities in both food and support services globally and the potential for further revenue and margin growth," it said.
CJ