Compass Group Says 4Q Underlying Revenue to Be 86% of Fiscal Year 2019's
September 21 2021 - 2:58AM
Dow Jones News
By Anthony O. Goriainoff
Compass Group PLC said Tuesday that it expects fourth-quarter
underlying revenue on a constant currency basis to improve to 86%
of 2019 revenue, and for it to be slightly ahead of the previous
guidance range of 80% to 85%.
The U.K. catering contractor said although it expects most of
its sectors to continue performing well, it remained cautious about
its Business & Industry segment given the continuing
uncertainty surrounding the pace of office reopenings in its major
markets.
For the year ending Sept. 30, it expects underlying revenue on a
constant currency basis to be around 76% of what it was in fiscal
2019, it said. The company reported underlying revenue of 25.15
billion pounds ($34.35 billion) for fiscal 2019.
The FTSE 100 company said it expects fourth-quarter underlying
operating margin to be around the midpoint of the guidance range of
5.5% to 6.0% as it continues to manage mobilization costs and
inflation, while adapting operations to suit clients' changing
requirements.
For fiscal 2021 as a whole, Compass expects an underlying
operating margin of around 4.4%.
"We continue to be encouraged by the ongoing growth
opportunities including strong momentum in new business wins, from
the acceleration in first-time outsourcing, and increased potential
for market share gains," the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
September 21, 2021 02:43 ET (06:43 GMT)
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