Compass Group PLC, a global leader in food services, has announced its trading results for the first quarter ended 31 December 2023. The company reported a strong start to the year with organic revenue growth of 11.7% across all regions, including North America, Europe, and the Rest of the World. The company's strategic acquisitions, such as HOFMANNs in Germany and the agreement to acquire CH&CO in the UK, are expected to unlock further growth opportunities.
The Group issued a €750m sustainable bond in January 2024 to refinance its existing bond and had completed approximately $100m of its share buyback program of up to $500m as of 7 February 2024. Dominic Blakemore, Group Chief Executive, highlighted the company's good cash generation and balance sheet, providing flexibility to invest in capex, drive organic growth, and acquire high-quality businesses.
Blakemore stated, "Our 2024 guidance remains unchanged. Underlying operating profit growth is expected to be towards 13% delivered through high single-digit organic revenue growth and ongoing margin progression." The company also provided its financial calendar, including the payment date for the 2023 final dividend, half-year results, Q3 trading update, and full-year results.
The announcement also included a forward-looking statement, addressing risks, assumptions, and uncertainties that could impact actual results. The statement covered various factors such as public health crises, changes in environmental scenarios and regulations, disruptions in supply chains, economic conditions, and technological advancements.
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