Catering group Compass announces rise in profits

18th May 2011, Comments 0 comments

Compass Group, the world's biggest caterer, said on Wednesday that half-year net profits rose 15 percent, and it also announced it had taken full control of its fast-growing Turkish business.

Compass said earnings after tax grew to £384 million (438 million euros, $624 million) in the six months to the end of March from £333 million in the first half of its 2009/10 fiscal year.

"Compass has delivered another strong performance in the first half of the financial year," chief executive Richard Cousins said in the group's statement.

"In addition to making a number of important acquisitions in India (during the first half), we are pleased to announce this morning the acquisition of the remaining 50 percent of our fast growing business in Turkey.

"We believe that the emerging markets offer considerable scope for development and we are excited about the opportunities we see. We are using our strong cash flow to support the expansion of the business and to reward shareholders," Cousins added.

© 2011 AFP

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