Strong top line growth and significant further efficiencies generated.
- Constant currency revenue increased by 8%; organic revenue growth of 5.4%.
- Strong performances in North America and Fast Growing & Emerging, driven by good levels of net new business.
- Efficiencies reinvested to drive growth and helping to manage challenging economic conditions in Europe.
- Cost reduction plans in Europe progressing well.
Further returns to shareholders; new 400 million buyback announced for 2013.
- Another year of strong cash flow generation, which has enabled us to invest in the business and acquisitions, and reward shareholders.
- Full year dividend increased by 10% to 21.3 pence.
- On track to complete existing 500 million share buyback.
Future prospects of the Group remain encouraging.
- Positive outlook in North America and Fast Growing & Emerging, combined with action plans in Europe, underpin expectations for 2013.
- Well placed to exploit significant growth opportunities in food and support services globally and deliver further margin progression.
Richard Cousins, Group Chief Executive, said:
"Compass has continued to perform well. We've seen particularly good trading in North America and the Fast Growing & Emerging markets and the outlook in both regions is encouraging. The fundamentals of our European businesses remain solid and the decisive actions we're taking to improve operational efficiency are progressing well. We've continued to generate significant cost efficiencies across the Group, which are enabling us to reinvest for growth and manage the difficult economic conditions in Europe. Overall, the prospects for the business around the world are good and I remain confident that we will continue to drive revenue and margin growth."
Sir Roy Gardner, Chairman, said:
"The Group has had another strong year with good levels of revenue and profit growth. The strength of our cash flow has also enabled us to invest in the business to drive organic growth, as well as make infill acquisitions and reward shareholders. Looking forward, Compass is well placed to exploit the significant growth opportunities that we see in many of our markets. The future prospects of the Group have given us the confidence to increase the final dividend by 10% and to announce a further 400 million share buyback over the 2013 calendar year."
