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Compass: shares drop on 'cautious' message

(CercleFinance.com) - Compass shares are down almost 6% on Tuesday after the British catering group said that it is "cautious" about the macro environment in Europe.

The world's biggest caterer said that organic revenue growth was 6.4% for the year ended 30 September, ahead of its target range of 4% to 6%, thanks to "excellent growth" in North America.

Full-year operating profit rose by 4.7%, to 1.88 billion pounds, from 1.80 billion pounds in the past financial year.

"Despite this good performance, we are not immune to the macro environment," the British company said in a statement.

Deteriorating business and consumer confidence in Europe has impacted volumes, new business activity and margins, it added, while stating its outlook remains "strong".

Compass expects 2020 organic growth to be around the middle of its 4%-6% guidance range, it said.

The shares, which have risen by 19% year-to-date, were down 5.9% at 1,948 pence this morning, valuing the group at around 32.8 billion pounds.

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