Catering group Compass reports rise in annual profits

24th November 2010, Comments 0 comments

Compass Group, the world's biggest caterer, said on Wednesday that annual net profits rose 15 percent as the British company slashed costs.

Compass said earnings after tax grew to 675 million pounds (794 million euros, 1.1 billion dollars) in the 12 months to September from 586 million pounds in 2008/09.

Full-year revenue rose 7.6 percent to 14.46 billion pounds, it said in an earnings statement.

"Compass has delivered another year of strong performance, despite the challenging economic conditions," group chief executive Richard Cousins said in the statement.

"Looking forward, whilst economic conditions remain challenging, we are excited by the growth opportunities we have around the world and the new business pipeline is strong.

"We continue to be relentless in our pursuit of operating efficiency and in an environment where cost remains high on the agenda, we are well placed to deliver quality food and support services solutions to our clients," he added.

Compass added that it was raising its final dividend by a third to 17.5 pence a share.

© 2010 AFP

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