CPG7 Feb 2013 22:22
First quarter trading update: Compass Group enjoys a "good start". The news saw Compass Group reassuring investors, with the share price up over 1% in early trading. "A good start to the new financial year" was noted. Organic or revenues adjusted for acquisitions and disposals climbed by nearly 6%. Particularly strong organic revenue was reported for the group's North American region, aided by a significant health contract, with its Fast Growing & Emerging division also enjoying strong demand.
The environment for its European business had remained difficult, although previously announced cost reduction plans aimed at combating the challenges were on track. In tandem with the update, Compass also announced that its Chairman of more than six years is to step down come February 2014.
In all, despite some recent challenges emanating from its Europe & Japan division, the group's defensive growth attributes continue to appeal