Catering group Compass announces profits rise

12th May 2010, Comments 0 comments

Compass Group, the world's biggest caterer, said Wednesday that first-half net profits rose more than 17 percent on the back of new business contracts and efficiency savings.

Compass said earnings after tax grew 17.3 percent to 333 million pounds (391 million euros, 495 million dollars) in the six months to March compared with the same period a year earlier.

First half revenue rose 2.6 percent to 7.1 billion pounds.

"Compass has delivered another strong performance in a challenging environment," group chief executive Richard Cousins said in a statement.

"An acceleration in new business wins and continued progress in operating efficiency has delivered significant growth ... As we look forward, we will maintain our relentless focus on efficiency but at the same time we are laying strong foundations for the future growth of the group."

© 2010 AFP

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