Compass grows as its chairman retires

 
City A.M. Reporter
COMPASS Group, the world’s biggest catering firm, yesterday posted a six per cent rise in first-quarter organic revenue, as contract wins in North America and emerging markets helped temper tougher conditions in Europe.

The firm, which operates in over 50 countries and serves 4bn meals a year, said its large Ascension Health multi-service contract in its core North American market had contributed over one per cent of global sales in the period, while levels of new business wins in the region was also healthy.

Like for like revenue was positive in North America – a business worth almost half of group revenue – as well as in emerging markets. In Europe, where it has reduced its southern operations and is cutting costs, underlying revenue was negative.

Compass also announced that its chairman Roy Gardner is to retire.

Shares in the FTSE 100-listed company closed up 1.8 per cent at 779.50p yesterday.