Compass Group Expects 2Q 2021 Organic Revenue Fall
25 Marzo 2021 - 1:53AM
Noticias Dow Jones
By Anthony O. Goriainoff
Compass Group said Thursday that it expects a 28% fall in
organic revenue for the three months to March 31 as the company
starts to lap the effect of the coronavirus pandemic on fiscal 2020
revenue.
The U.K. catering contractor said that there may be a possible
930 million pounds ($1.27 billion) hit on 2020 revenue and a GBP36
million hit on operating profit, stemming from negative foreign
exchange rates.
"Trading results from our overseas operations are translated at
the average exchange rates for the period. If current spot rates
continue to March 31, 2021 foreign exchange translation would
negatively impact the 2020 half year revenue by GBP456 million and
operating profit by GBP38 million," the company said.
The company said that organic revenue for the first half of
fiscal 2021--which ends March 31--is expected to be around 31%
lower, and that in both the second quarter and half year the
company has been operating at around 71% of its 2019 revenue.
"While the vaccination efforts around the globe are advancing,
the pace of volume recovery remains uncertain. Encouragingly, the
pipeline of new business and client retention continue to be
strong," the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 25, 2021 03:38 ET (07:38 GMT)
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