LONDON -- Compass Group (Charlotte, NC), the world's biggest contract foodservice provider and parent of Canteen Vending, posted a 5.7% increase in third-quarter organic revenue, and expects positive performance to continue for the remainder of the year.
The company said business in North America was especially strong, with 9% revenue growth helped by growing outsourcing trends. Organic revenue grew 12.2% in its emerging markets, including Australia, Brazil, Turkey, India and Latin America. The North American and emerging markets businesses account for two-thirds of Compass Group's revenue.
Compass's combined revenues in Europe and Japan fell 0.9% in the quarter, with gains in Japan partly offsetting weaker European performance.
"Overall, we believe Compass is very well placed to capitalize on the significant structural growth opportunities in both food and support services around the world," the company said. "We have an excellent business in North America and we are expanding our presence in the fast-growing and emerging markets, which will remain a focus for future growth. We will drive further cost efficiencies and this underpins our expectation of delivering margin growth over the medium term."
