Compass: trading update cheered by investors
(CercleFinance.com) - British catering group Compass today issued a trading update ahead of its annual general meeting in Twickenham, an announcement that was warmly welcomed by investors.
Compass' organic revenue for the three months to 31 December grew by 5.3%, the company said, driven by strong levels of new business wins and good retention rates, particularly in North America.
Organic revenue in North America increased by 7.5%, with particularly strong growth in the business and industry areas, as well as healthcare and education, it added.
In Europe, organic revenue was flat year on year, impacted by lower volumes in business and industry, which the group managed to offset thanks to its cost savings program.
The cost action program, announced in November, is progressing as expected, Compass noted.
Its shares are currently up 2.7% on the London Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Compass' organic revenue for the three months to 31 December grew by 5.3%, the company said, driven by strong levels of new business wins and good retention rates, particularly in North America.
Organic revenue in North America increased by 7.5%, with particularly strong growth in the business and industry areas, as well as healthcare and education, it added.
In Europe, organic revenue was flat year on year, impacted by lower volumes in business and industry, which the group managed to offset thanks to its cost savings program.
The cost action program, announced in November, is progressing as expected, Compass noted.
Its shares are currently up 2.7% on the London Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.