20 November 2018 | Herpreet Kaur Grewal
Catering group Compass has reported that organic revenue grew by 2.1 per cent in Europe driven by "strong new business" although the cost environment in the UK was "difficult", according to its results for the year ended 30 September.
Its operating margin of 7.4 per cent was up slightly more as expected too, with "strong improvement in rest of world" market, which "offset the margin pressures in the UK", said the group.
But revenue, operating profit and earnings per share growth on a statutory basis were lower than underlying results mainly because of the adverse impact of foreign exchange during the year.
Dominic Blakemore, group chief executive, said: "Compass had another very strong year. Revenue growth was healthy, driven by excellent growth in North America, acceleration in Europe and good progress in Rest of World.
"We continue to drive operating efficiencies around the business and were able to move the margin slightly forward, with improvements in Rest of World offsetting a more difficult volume and cost environment in Europe, especially the UK."