By Olga Cotaga
LONDON--Compass Group PLC (CPG.LN) Tuesday reported a 14% rise in fiscal 2016 pretax profit and said its expectations for 2017 are positive.
The food and support services company recorded a pretax profit of 1.32 billion pounds ($1.62 million) for the year ended Sept. 30, more than the GBP1.16 billion it made the previous year. Revenue increased to GBP19.61 billion from GBP17.6 billion.
Panmure Gordon & Co. had forecast a pretax profit of GBP1.33 billion on revenue of GBP19.6 billion. The brokerage firm has a hold rating for the FTSE-100 company.
The North American business showed growth of 8%, the company said, adding that it has also seen good progress in Europe and the rest of the world, excluding offshore and remote locations.
The comapany said the restructuring is complete and delivering savings. The board has proposed a full-year dividend of 31.7 pence a share, up from 29.4 pence a year ago.
Shares closed on Monday at GBP13.91.
Write to Olga Cotaga at email@example.com, Twitter @OlgaCotaga