By Tapan Panchal
LONDON--Compass Group PLC /zigman2/quotes/201136426/delayed CMPGY -0.97% said Thursday that the weak pound would support fiscal 2017 earnings, as it reported 2.8% organic revenue growth for the first quarter of the fiscal year.
The British support services company said if current foreign exchange spot rates continued for the remainder of the financial year, this would boost operating profit by 186 million pounds ($234 million) and revenue by GBP2.3 billion.
Currency movements had a positive impact on revenue and profit for the three months ended Dec. 31, 2016, of GBP924 million and GBP74 million, respectively, the company said.
Compass Group, which provides cleaning, property management and contract food services, also attributed the organic revenue growth to strong levels of new business wins and retention rates.
It has retained its positive outlook for fiscal 2017.
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