Compass Group Raises Fiscal Year 2023 Guidance After 1st Half Profit Rose; Announces GBP750 Million Buyback
May 10 2023 - 2:49AM
Dow Jones News
By Kyle Morris
Compass Group PLC said Wednesday that it is upgrading its
guidance for fiscal 2023 after first-half pretax profit rose and
that it plans an up to 750 million pounds ($946.6 million) share
buyback program.
The U.K. catering contractor said pretax profit for the six
months to March 31 was GBP831 million compared with GBP632 million
for the same period the year before.
Underlying operating profit--which strips out exceptional and
other one-off items--rose to GBP1.05 billion from GBP673
million.
Revenue increased to GBP15.66 billion from GBP11.50 billion.
Compass said it will start a share buyback program worth up to
GBP750 million this year.
The company said it has upgraded its fiscal 2023 guidance to
organic revenue growth of around 18%, from around 15%, and
operating profit growth toward 30%, from above 20%.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
May 10, 2023 02:34 ET (06:34 GMT)
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