Compass Group, the concessions operator and contract caterer, has reported organic revenue growth of 2.8% for the three months to 31 December.

The group said like for like revenues increased modestly, with some pricing offsetting weak volumes in its offshore & remote sector.

In Europe, organic revenue was flat as expected. The company said net new business trends were in line with the last months of FY2016, and like-for-like revenues were unchanged as pricing offset weak volumes in the North Sea and France.

Currency movements, compared to the same quarter last year, had a positive impact on revenues and profit in the quarter of £924m and £74m respectively. If current spot rates were to continue for the remainder of the year, foreign exchange translation would positively impact 2016 revenue by £2.3bn and operating profit by £186m.

In the statement ahead of its AGM today, the group said: “Our outlook for 2017 remains positive and unchanged. Growth in North America is strong, and both Europe and Rest of World are performing as expected with growth weighted to the second half. We continue to focus on driving efficiencies throughout the business and our margin expectations are also unchanged. In the longer term, we remain excited about the significant structural growth opportunities globally and the potential for further revenue and margin growth.”

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