Catering giant Compass on course for profits rise as pound swingsComments Off on Catering giant Compass on course for profits rise as pound swings
Like most British companies, Compass, which is headed by chief executive Richard Cousins, will suffer from the weakness of the pound against the dollar, but because it is so broadly spread across the globe it will gain even more from sterling’s strength against the euro, yen and Brazilian real.
So far this year that has pushed revenues up by £35 million and profits by £5 million.
If foreign exchange rates stay at around current levels that would boost Compass revenues by £323 million and profits by £31 million in the year to September.
Underlying revenues are up by 5.5% in the first half with profit margins 0.1% ahead.
Compass said it had seen real growth in Europe and Japan for the first time in years.