By Adria Calatayud
Compass Group PLC (CPG.LN) on Wednesday raised its revenue growth guidance for fiscal 2019 after posting a 7.4% rise in pretax profit for the first half driven by a strong performance in North America.
The company said it now expects to deliver organic revenue growth and margin progression similar to that of fiscal 2018, having previously guided for organic revenue growth slightly above the middle of its targeted 4% to 6% range, with modest margin progression. In fiscal 2018, the company's organic revenue grew 5.5% and operating margin was unchanged at 7.4%.
Pretax profit for the half-year ended March 31 was 852 million pounds ($1.10 billion) compared with GBP792 million in the year-earlier period, the U.K. catering contractor said. Net profit rose to GBP646 million from GBP606 million, Compass said.
Operating profit was up 6.9% at GBP913 million in the first half, the company said.
First-half revenue increased to GBP12.33 billion from GBP11.33 billion a year before, Compass said. Revenue grew 6.6% on an organic basis.
The board declared an interim dividend of 13.1 pence a share, up from 12.3 pence in the year-earlier period.
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