By Michael SusinCompass Group reported a weaker-than-expected increase in pretax profit for fiscal 2023, but raised its dividend payout. The U.K. catering contractor on Monday reported pretax profit of 1.75 billion pounds ($2.18 billion) for the year ended Sept. 30 compared with GBP1.47 billion a year earlier. Revenue rose to GBP31.03 billion from GBP25.5 billion, reflecting a robust trading performance and favorable exchange rates. Looking ahead, Compass expects underlying operating profit growth toward 13% for fiscal 2024, delivered through high single-digit organic revenue growth and margin progression. Despite some macroeconomic uncertainty, favorable market dynamics continue and, with a global market share of less than 15% and around 50% of the market still self-operated, we have an exciting structural growth opportunity," Chief Executive Dominic Blakemore said.

Source: Wall Street Journal November 20, 2023 07:40 UTC