Compass expect to serve up 7% growth in 2004
Catering giant Compass Group has said it now expects to deliver like-for-like turnover growth of 7% in 2004.
In a trading update before the announcement in May of its first half results to the end of March, chief executive Michael J Bailey said new business growth has been strong and the pipeline for the year remains encouraging. "We enter the second half of our financial year with confidence that we will be able to reach our targets," he added.
Compass said full year like-for-like turnover growth is expected to be around 5% in the UK and at least 7% in North America, Continental Europe and the rest of the world.
The solid increase in turnover is being driven by winning new contracts and the continued high level of contract retention, which in 2004 is expected to be in line with last year, at 95%, the company said.
The company's Eurest operation employs 1,500 staff in the Republic, and provides catering and foods service operations to companies such as General Electric and Eircom. It signed up a number of new clients last year, including Halifax and Wyeth.
