Here is a summary of the trading statement from Compass Group PLC
Compass Group PLC, a global leader in food services, released its trading results for the third quarter ended June 30, 2024. The group delivered strong performance with 10.3% organic revenue growth year-over-year. All regions contributed to this growth, with particularly strong results in Europe (12.0% growth) and North America (9.9% growth). Net new business growth accelerated, and pricing moderated along with inflation. The group has invested significantly in its portfolio, replicating its successful North American model in other regions. M&A activity for the year totaled $836 million, including the acquisition of CH&CO and the disposal of its Brazilian business. Compass Group also announced a share buyback program of up to $500 million, with $300 million completed as of July 19, 2024.
The group expects full-year underlying operating profit growth to exceed 15% on a constant-currency basis and organic revenue growth to be above 10%. Compass Group will hold a virtual deep dive on its procurement advantages in September and has scheduled its full-year results announcement for November 26, 2024. The companys forward-looking statements highlight various risks and uncertainties that could impact future performance, including economic conditions, supply chain disruptions, and environmental regulations.