Latest news with #CompassGroup
Reuters
22-07-2025
- Business
- Reuters
FTSE 100 edges to record close as strong copper boosts miners
July 22 (Reuters) - Britain's blue-chip FTSE 100 index (.FTSE), opens new tab rose on Tuesday to a record close for a second straight session, driven once again by gains in the heavyweight mining sector on the back of strong copper prices. The FTSE 100 closed up 0.1% at 9,023.81 points, notching up a record even as the domestically oriented midcap FTSE 250 (.FTMC), opens new tab lost 0.4%. Data showed Britain borrowed more than expected in June as a jump in inflation pushed up the government's debt costs. British finance minister Rachel Reeves said that the country continued to depend on "the goodwill of strangers" to cover shortfalls in its public finances and that she would focus on bringing down the cost of borrowing. Industrial miners (.FTNMX551020), opens new tab led sectoral gains with a 2.3% rise, tracking copper prices which were buoyed by hopes for firmer Chinese demand. Glencore (GLEN.L), opens new tab rose 3.1%, Rio Tinto (RIO.L), opens new tab was up 2.2%, and Antofagasta (ANTO.L), opens new tab added 1.8%. By contrast, the aerospace and defence index (.FTNMX502010), opens new tab led sectoral losses, falling 1.9%. In company news, food catering firm Compass Group (CPG.L), opens new tab rose 5.4%, after it agreed to buy European premium food services business Vermaat Groep for about 1.5 billion euros ($1.8 billion), including debt, and also raised its annual profit forecast. Energy firm Centrica (CNA.L), opens new tab surged 4.8% after Britain approved the 38 billion pound ($51 billion) Sizewell C nuclear plant in eastern England. The company holds a 15% stake in the project. Legal & General (LGEN.L), opens new tab lost 2.1% after RBC Capital Markets downgraded the British insurer to "underperform" from "sector perform". Greencore (GNC.L), opens new tab jumped 12%, to top the midcap FTSE 250, after the convenience food manufacturer raised its annual profit expectations. Pennon (PNN.L), opens new tab rose 2.5% after upgraded the water company to "overweight" from "neutral". Peers United Utilities (UU.L), opens new tab and Severn Trent (SVT.L), opens new tab both added more than 2.2%. Kier Group (KIE.L), opens new tab fell 4.9% after it said that its CEO Andrew Davies would be stepping down, and named insider Stuart Togwell as his successor, effective November 1, 2025.
Yahoo
22-07-2025
- Business
- Yahoo
Compass Group to acquire Vermaat from Bridgepoint
Compass Group has agreed to purchase Dutch food services company Vermaat Groep for an enterprise value of €1.5bn ($1.74bn) from private equity company Bridgepoint. Bridgepoint will completely divest its stake, alongside Partners Group, which initially invested in Vermaat in 2015 and retained a minority interest following Bridgepoint's investment in 2019. Founded in 1978 as a delicatessen, Vermaat has evolved into a key player in the Dutch food services sector. The company began its partnership with Bridgepoint in 2019. Compass describes Vermaat as a 'high-performing' multi-sector platform that presents a 'unique opportunity' for sustainable growth within Europe. Vermaat holds a leading position in the Netherlands and is expanding its footprint in Germany and France, both of which are among Compass Group's top ten markets. The company has achieved a compound annual growth rate close to 20% since 2010, alongside good profit margins. Vermaat is projected to generate sales of €700m with a double-digit operating margin by 2025. The acquisition is anticipated to enhance Compass Group's margins and earnings per share in the first full year of ownership. Upon completion of the deal, Compass expects its post-acquisition leverage to be approximately 1.5 times net debt to earnings before interest, taxation, depreciation and amortisation by the end of FY26, prior to a reduction in FY27. This transaction is pending regulatory approval and consultation with the Vermaat Works Council. Compass Group CEO Dominic Blakemore stated: " Vermaat is a best-in-class food services business which will significantly strengthen Compass Group's premium offer across Europe and will provide us with exceptional leadership talent.' The management team of Vermaat will join Compass Group upon completion of the transaction and will continue to operate the business on a standalone basis. Vermaat CEO Rick Zeelen stated: "Compass and Vermaat are highly complementary businesses with similar cultures and priorities. The leadership team remains fully committed to executing its European growth strategy. 'Together, subject to regulatory approval, we will be able to provide clients with an even more compelling proposition in a highly attractive growth market, accelerating our premium offering in Europe. We look forward to joining Compass and the exciting journey ahead." In 2024, Compass Group UK & Ireland's Compass One division announced the purchase of Peabodys Coffee, a provider of food and beverages within healthcare environments. "Compass Group to acquire Vermaat from Bridgepoint" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-07-2025
- Business
- Yahoo
UK equities mixed as investors assess corporate earnings, await key data
By Sukriti Gupta (Reuters) -London's main stock indexes were mixed on Tuesday as investors parsed a spate of corporate earnings, and awaited the release of key economic data this week. The benchmark FTSE 100 was flat by 0944 GMT, after registering a record closing high on Monday. The domestically oriented midcap FTSE 250 lost 0.4%. Industrial miners rose 1.1%, tracking a rise in copper prices, buoyed by hopes for firmer Chinese demand. Glencore gained 2.2%, while Rio Tinto rose 1.1%. [MET/L] Homebuilders and household goods stocks led sectoral losses, falling 1.6%. Vistry down 2.7%. Data showed Britain borrowed more than expected in June as a jump in inflation pushed up the government's debt costs. In company news, British food catering firm Compass Group rose 6.1% to the top of the blue-chip index, after it agreed to buy European premium food services business Vermaat Groep for about 1.5 billion euros ($1.75 billion), including debt and also raised its annual profit forecast. Energy firm Centrica surged 3.9% after Britain approved the 38 billion pound ($51 billion) Sizewell C nuclear plant in eastern England. The company holds a 15% stake in the project. Greencore jumped 10.5%, to top the FTSE mid-cap index, after the convenience food manufacturer raised its annual profit expectations. Kier Group fell 5.1%, to the bottom of the mid-cap index, after the British infrastructure and construction group said that its CEO Andrew Davies would be stepping down, and named insider Stuart Togwell as his successor, effective November 1, 2025. Meanwhile, AstraZeneca on Monday said it plans to invest $50 billion in the U.S. to expand manufacturing and research capabilities as it reacts to White House trade policy. On the radar this week are UK flash Purchasing Managers' Index for July and June retail sales data. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
22-07-2025
- Business
- Reuters
UK equities mixed as investors assess corporate earnings, await key data
July 22 (Reuters) - London's main stock indexes were mixed on Tuesday as investors parsed a spate of corporate earnings, and awaited the release of key economic data this week. The benchmark FTSE 100 (.FTSE), opens new tab was flat by 0944 GMT, after registering a record closing high on Monday. The domestically oriented midcap FTSE 250 (.FTMC), opens new tab lost 0.4%. Industrial miners (.FTNMX551020), opens new tab rose 1.1%, tracking a rise in copper prices, buoyed by hopes for firmer Chinese demand. Glencore (GLEN.L), opens new tab gained 2.2%, while Rio Tinto (RIO.L), opens new tab rose 1.1%. Homebuilders and household goods stocks (.FTNMX402020), opens new tab led sectoral losses, falling 1.6%. Vistry (VTYV.L), opens new tab down 2.7%. Data showed Britain borrowed more than expected in June as a jump in inflation pushed up the government's debt costs. In company news, British food catering firm Compass Group (CPG.L), opens new tab rose 6.1% to the top of the blue-chip index, after it agreed to buy European premium food services business Vermaat Groep for about 1.5 billion euros ($1.75 billion), including debt and also raised its annual profit forecast. Energy firm Centrica (CNA.L), opens new tab surged 3.9% after Britain approved the 38 billion pound ($51 billion) Sizewell C nuclear plant in eastern England. The company holds a 15% stake in the project. Greencore (GNC.L), opens new tab jumped 10.5%, to top the FTSE mid-cap index, after the convenience food manufacturer raised its annual profit expectations. Kier Group (KIE.L), opens new tab fell 5.1%, to the bottom of the mid-cap index, after the British infrastructure and construction group said that its CEO Andrew Davies would be stepping down, and named insider Stuart Togwell as his successor, effective November 1, 2025. Meanwhile, AstraZeneca (AZN.L), opens new tab on Monday said it plans to invest $50 billion in the U.S. to expand manufacturing and research capabilities as it reacts to White House trade policy. On the radar this week are UK flash Purchasing Managers' Index for July and June retail sales data.
Daily Mail
22-07-2025
- Business
- Daily Mail
Compass shares soar as caterer lifts guidance and reveals record takeover
Compass Group revealed another major acquisition on Tuesday as the catering giant's trading performance continues to surpass expectations. The €1.5billion (£1.3billion) takeover of Dutch foodservice operator Vermaat, Compass's largest ever deal, is part of the group's plans for European expansion after decades of acquisition-led growth in North America. Compass, which caters to staff and students at Microsoft, Shell and Harvard Business School, has been ramping up M&A activity since its Covid-era slump. The firm, which lifted annual guidance on Tuesday after better-than-forecast growth in its third quarter, said Vermaat offers the group a 'unique opportunity for further sustainable growth in Europe' Vermaat, a market leader in the Netherlands with a growing presence in Germany and France, has delivered a compound annual growth rate of nearly 20 per cent over the last 15 years, and is on track to generate sales of €700million in 2025. Compass boss Dominic Blakemore said: 'This strategic acquisition represents a step change in our core markets by creating a strong platform for expansion across Europe.' It came as Compass raised its annual profit forecast after reporting revenue growth of 8.6 per cent for the three months to the end of June. International sales rose 6.6 per cent during the quarter while its largest market, the US, grew by 9.6 per cent. Compass Group shares led the FTSE 100 on Tuesday, adding 5 per cent to 2,651p by midmorning. They have now added more than 20 per cent over the last 12 months and around 130 per cent over the last five years. Adam Vettese, market analyst at eToro, said: The company's combination of robust underlying growth and successful recent acquisitions demonstrates strategic discipline and supports Compass as a leader in outsourced catering. 'However, the sizeable €1.5 billion price tag for Vermaat means the balance sheet leverage will tick higher, adding some financial risk and making integration a key focus in the months ahead. 'Overall, with resilient industry trends and a strong track record of delivering on M&A, Compass is well placed to capture further market share. 'But with a more ambitious acquisition strategy, some caution is warranted around execution and debt, particularly as its current valuation leaves little room for indigestion.'
