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Catering group Compass reports rising profits
LONDON: Compass Group, ostensibly the world's biggest caterer, said on Thursday, 23 July 2009, that profits increased in the group's third quarter despite slowing sales.
"Compass is continuing to perform well, delivering another quarter of strong growth in operating profit, margin and free cash flow," the company said in a trading update on the three months to the end of June.
"As expected, organic revenue growth has continued to slow as a result of the more challenging economic conditions.
"Encouragingly, the level of new business wins and underlying retention has remained strong and consistent with the levels seen in the first half of the year and the last financial year," it added.
Compass supplies food and catering services to offices, schools, hospitals and sports centres. It has more than 388,000 employees in 55 countries around the world.
Source: AFP
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