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CONSUMER CYCLICALS: Compass Group; FY (to Sept) results

CONSUMER CYCLICALS
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(CPGLN; A2/A)

  • FY revenue growth of 11% driven by 4% in new business, 4% in pricing and 2% in LFL volume growth
  • FY EBIT +16% at a 7.1% margin (+30bps)
  • Guidance for next year; greater than +7.5% organic revenue growth, HSD EBIT growth and continued margin expansion
  • Leverage (Incl. leases) at net-1.3x vs. target 1.0-1.5x. Gross leverage at 1.5x.

Note despite headquarters, co generates 3/4 of profit in the US, maturity profile relatively clean, front is £250m due in Sept. Remains lowest beta in services.

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(CPGLN; A2/A)

  • FY revenue growth of 11% driven by 4% in new business, 4% in pricing and 2% in LFL volume growth
  • FY EBIT +16% at a 7.1% margin (+30bps)
  • Guidance for next year; greater than +7.5% organic revenue growth, HSD EBIT growth and continued margin expansion
  • Leverage (Incl. leases) at net-1.3x vs. target 1.0-1.5x. Gross leverage at 1.5x.

Note despite headquarters, co generates 3/4 of profit in the US, maturity profile relatively clean, front is £250m due in Sept. Remains lowest beta in services.