UPDATE 1-Compass Group's third-quarter organic revenue grows 7% on workplace dining strength
Compass Group CPG | 0.00 |
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July 21 (Reuters) - Compass Group CPG.L reported third-quarter organic revenue growth of 7.1% on Tuesday, in line with its expectations, as strong demand for workplace dining helped the world's largest caterer offset rising energy and food costs linked to the Iran war.
The food services sector has remained resilient as companies, hospitals and universities increasingly outsource catering, although the Middle East conflict is testing the industry's ability to absorb higher input costs while limiting price rises.
Compass said volumes in North America, a key market for the caterer, benefitted modestly from the recent World Cup as it reiterated its annual organic revenue growth target of about 7%.
