Compass Group HY Pre-tax Profit Drops

Food and support services company Compass Group Plc. (CPG.L,CMPGF.PK) reported that its profit before tax for the six months ended 31 March 2021 dropped to 133 million pounds from 787 million pounds in the previous year.

Profit attributable to equity shareholders of the company was 100 million pounds or 5.6 pence per share, down from 583 million pounds or 36.7 pence per share in the previous year.

Operating profit was 168 million pounds, a decrease of 78.3%, mainly reflecting the negative impact of COVID and also driven by the costs associated with the programs aimed at resizing the business, partially offset by the savings related to these programs.

On a statutory basis, revenue was 8.44 billion pounds, a decline of 32.4% from last year due to the negative impact of COVID.

The company anticipates gradual improvement in revenue in the third-quarter. It expects third-quarter margin to be between 4.5% and 5.0% absorbing the impact of reopenings and mobilizations.

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