LONDON (dpa-AFX) - Compass Group plc. (CPG.L) reported that its organic revenue for the three months to 31 December 2018 grew by 6.9% driven by strong levels of new business wins, continued good retention rates and bolstered by the impact of the new UK Defence contracts and a positive sporting events calendar.
The company noted that it now expects to be slightly above the middle of its target 4-6% organic growth range for the full year, with modest margin progression. In the longer-term, it remains excited about the significant structural growth opportunities globally and the potential for further revenue growth and margin expansion.
Organic revenue in North America increased by 8.0%. Growth was very good across all sectors particularly in Business & Industry and Sports & Leisure, the latter of which benefited from the timing of certain events.
In Europe, organic revenue grew by 6.4% reflecting continued momentum from new business wins, notably the significant impact of Defence contracts in the UK mobilised in the second half of 2018, a beneficial Sports & Leisure calendar and continuing good growth in Continental Europe.
Organic revenue in Rest of the World increased by 2.8%, with ongoing good performance in developing markets partially offset by the run-off of the last Offshore construction project in Australia.
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