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Compass profit slumps, but sees improvement in fourth quarter
StockMarketWire.com
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Food group Compass continued to keep its dividend sidelined after annual profit slumped as the COVID-19 pandemic hurt volumes. The company, however, said it had returned to profit in the final quarter of its fiscal year.
For the year ended 30 September 2020, pre-tax profit fell 85.9% to £210 million as revenue slipped 19.8% to £19.9 billion year-on-year.
In the fourth quarter, the company said it had returned the business to profitability and was now cash neutral.
'This was achieved mainly through contract renegotiations to reflect the difficult trading environment, continued discipline in terms of costs and some improvement in volumes,' it added.
Looking ahead, the company said it was executing at pace and expected the underlying operating margin in the first quarter of 2021 would be around 2.5%.
At 8:21am: (LON:CPG) Compass Group PLC share price was 0p at 1373.5p
Story provided by StockMarketWire.com
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