Compass Group PLC, a global leader in food services, has announced its trading results for the third quarter ended 30 June 2024. The company reported another strong quarter with organic revenue growth of 10.3% across all regions. North America, Europe, and the Rest of the World showed organic revenue growth of 9.9%, 12.0%, and 8.5% respectively. Net new business growth accelerated in Q3, while pricing moderated in line with inflation. The company's acquisitions and disposals included investments in its portfolio and the completion of the disposal of its Brazilian business.
Compass Group PLC also provided an update on its share buyback program, stating that it had completed around $300 million of the $500 million share buyback program announced in November 2023. The company expects foreign exchange translation to negatively impact 2023 revenue by $106 million and operating profit by $17 million if current spot rates were to continue for the remainder of the year.
The company expressed satisfaction with its third-quarter performance, reporting good growth across all regions and improved net new business in line with expectations. Compass Group PLC now expects underlying operating profit growth to be above 15% on a constant-currency basis, with organic revenue growth above 10% for the full year. Additionally, the company will present a virtual deep dive on its competitive advantage in procurement on 12 September 2024.
Investors and analysts can participate in a live Q&A session at 9.00am, and the company has also provided a financial calendar with upcoming events. For further information, the company has provided contact details for investor and press enquiries.
The announcement also included forward-looking statements, covering various factors that could impact the company's future operations and prospects, such as public health crises, changes in environmental scenarios and regulations, disruptions in supply chains, and economic conditions.
For more information, visit the company's website at www.compass-group.com.