March 17, 2020 / 7:18 AM / 23 days ago

CORRECTED-Catering giant Compass warns on profit as virus hits

(Corrects second paragraph to clarify H1 profit to be 125-225 mln pounds lower than expected, not expects profit to be 125-225 mln pounds)

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 125 million pounds ($152.73 million) to 225 million pounds lower than expected.

“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.

$1 = 0.8185 pounds Reporting by Yadarisa Shabong in Bengaluru; editing by Patrick Graham

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