Catering giant Compass warns on profit as virus hits [Reuters]
COMPASS GROUP SP/ADR (CMPGY)
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Source: Reuters
Catering giant Compass warns on profit as virus hits March 17 (Reuters) - The world’s biggest catering firm Compass Group warned on Tuesday that its half-yearly operating profit would be lower-than-expected due to the impact of steps taken by European and North American governments and businesses to contain the spread of the coronavirus. The company said it expects operating profit for its first half to be between 125 million pounds ($152.73 million) and 225 million pounds. “We are implementing significant mitigation plans to manage our costs, and at this stage expect the drop-through impact of the lost revenue to be between 25%-30% across the business,” the company said.
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