Compass Group sees revenues rise 10.3% in Q3
Net new business growth also accelerated in Q3, whilst pricing moderated in line with inflation
Compass Group has announced a 10.3% rise in its organic revenue growth for the third quarter ended 30 June 2024.
All regions continue to perform well, with revenues in Europe increasing 12.0%, followed by a 9.9% increase in North America and a 8.5% increase in the rest of the world.
The group stated that as revenues and industry trends remain strong, it provides Compass with an “exciting pipeline of new business opportunities”.
Net new business growth also accelerated in Q3, whilst pricing moderated in line with inflation.
Compass is continuing to invest in our portfolio, as we replicate our North America blueprint elsewhere, to support our existing capabilities, increase operational flexibility and further strengthen our unique sectorised approach to the market.
The group’s net expenditure on M&A, including CH&CO and the disposal of its Brazilian business, which completed in May 2024, was $836m (£648.8m) for the year to date.
As at 19 July 2024, the group had completed c.$300m (£232.8m) of the $500m (£388m)share buyback programme announced in November 2023, with the remainder to be completed before the end of the calendar year.
Compass said: “We are pleased with our third quarter performance. The group delivered good growth across all regions and benefited from improved net new business in line with our expectations.
“For the full year we now expect underlying operating profit growth to be above 15% on a constant-currency basis, with organic revenue growth above 10%.”
