LONDON (dpa-AFX) - Food and support services company Compass Group Plc. (CPG.L, CMPGF.PK) said its profit before tax for the year ended September 30 2018 declined 2.6 percent to 1.52 billion pounds from 1.56 billion pounds in the prior-year period. Earnings per share edged down 0.4 percent to 71.0 pence from 71.3 pence a year ago, mainly due to the adverse impact of foreign exchange during the year.
However, underlying profit before tax for the year was 1.63 billion pounds, up 2.3 percent from 1.59 billion pounds in the same period last year. Underlying earnings rose to 77.6 pence from 72.3 pence a year ago. On a constant currency basis, underlying basic earnings per share rose to 77.6 pence from 69.0 pence last year.
Revenue for the year increased 1.8 percent to 22.96 billion pounds from 22.57 billion last year. Organic revenue growth was 5.5 percent, but this was offset by an impact of 3.7 percent, mainly due to adverse currency movements.
Like for like revenue growth was 1.5 percent, reflecting sensible price increases partly offset by weak volumes in the company's commodity related business and in the UK.
Looking ahead to fiscal 2019, the company said it expectations are positive. The company expects organic growth to be in the middle of its 4 percent to 6 percent range with modest margin progression.
Compass Group declared an annual dividend of 37.7 pence per share, up 12.5 percent on the prior year.
Copyright RTT News/dpa-AFX