UK caterer Compass retains outlook after first-half profit beat
May 14 (Reuters) - Compass Group (CPG.L), opens new tab retained its annual profit and revenue forecasts on Wednesday, after the British catering firm reported first-half operating profit ahead of market expectations thanks to new business wins.
The world's largest food catering firm reported underlying operating profit of $1.63 billion for the six months ended March 31, up 11.6% from a year earlier.
Analysts, on average, had expected profit of about $1.61 billion, according to a company-provided consensus.
A lack of guidance upgrade in February had sapped Compass' stock price, which came under further pressure in March after French rival Sodexo (EXHO.PA), opens new tab cut its forecast on slower growth in North America.
Compass' organic revenue growth in the period was 8.5% and operating profit margin came in at 7.2%, both meeting market expectations.
Compass lifted its dividend by 9.2% to 22.6 cents for the first half. It did not announce any new share buybacks.
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