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Compass Group PLC (CPG.L)

CPG.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Compass Group Plc Appoints Ian Meakins As Non-Exec Chairman
Tuesday, 18 Aug 2020 

Aug 18 (Reuters) - Compass Group PLC ::COMPASS GROUP PLC - CHAIR ANNOUNCEMENT.COMPASS - APPOINTMENT OF IAN MEAKINS AS NON-EXECUTIVE CHAIRMAN AND A DIRECTOR OF COMPANY.COMPASS - IAN WILL JOIN BOARD ON 1 SEPTEMBER 2020 AND WILL TAKE OVER AS CHAIRMAN ON 1 DECEMBER 2020 WHEN PAUL WALSH STEPS DOWN FROM BOARD.  Full Article

Compass Q3 Group Organic Revenue Down 44%
Thursday, 30 Jul 2020 

July 30 (Reuters) - Compass Group PLC ::Q3 TRADING UPDATE.BY END OF JUNE, ABOUT 60% OF CO'S BUSINESS WAS OPEN, COMPARED TO 55% BY END OF MAY.Q3 GROUP ORGANIC REVENUE DOWN 44%.IN Q3 SPENT £42 MILLION IN RESIZING COSTS IN NORTH AND SOUTH AMERICA.GROUP'S OPERATING MARGIN WAS (6.3)% IN Q3.TRADING IN Q3 WAS IN LINE WITH SLOW RECOVERY SCENARIO DESCRIBED IN COMPANY PRESENTATION OF 19 MAY 2020.AS OF 30 JUNE 2020, TOTAL LIQUIDITY WAS £5.0 BILLION (£2.8 BILLION IN UNDRAWN CREDIT FACILITIES, £600 MILLION AVAILABLE CCFF LIMIT AND £1.6 BILLION IN CASH).  Full Article

Compass ABB Bookrunner Says Orders Below GBP10.25 Per Share Risk Missing
Tuesday, 19 May 2020 

May 19 (Reuters) - Compass Group PLC ::BLOCK TRADE - COMPASS ABB: BOOKRUNNER SAYS ORDERS BELOW GBP10.25 PER SHARE RISK MISSING.BLOCK TRADE - COMPASS ABB: BOOKRUNNER SAYS BOOKS OVERSUBSCRIBED AT THAT LEVEL BOOKS CLOSE AT 13.15UKT.  Full Article

Compass Posts Drop In HY Profit, Suspends Dividend
Tuesday, 19 May 2020 

May 19 (Reuters) - Compass Group PLC ::COMPASS GROUP PLC - UPDATE ON COVID-19 AND HALF YEAR RESULTS.COMPASS - WITHDRAWING OUR PREVIOUS GROWTH AND MARGIN OUTLOOK FOR 2020.COMPASS - ORGANIC REVENUE DECLINED BY 20.4% IN MARCH AND 46.1% IN APRIL.COMPASS - DROP THROUGH IMPACT OF LOST REVENUES ON OPERATING PROFIT WAS 28.5% IN MARCH AND 23% IN APRIL.COMPASS - INCREASED OUR COMMITTED CREDIT FACILITIES FROM £2.0 BILLION TO £2.8 BILLION.COMPASS - HY OPERATING PROFIT £854 MILLION VERSUS £949 MILLION.COMPASS - ORGANIC REVENUE INCREASED BY 1.6% IN FIRST HALF.COMPASS - HY OPERATING MARGIN DECLINED BY 80BPS (90BPS EXCLUDING IMPACT OF IFRS 16).COMPASS - REDUCED CAPITAL EXPENDITURE, PAUSED M&A AND WILL NOT RECOMMEND AN INTERIM OR FINAL DIVIDEND FOR FY 2020.COMPASS - EXPECT SECOND HALF NET CAPITAL EXPENDITURE TO BE REDUCED TO CIRCA £200 MILLION.COMPASS - DURING MARCH, OUR BUSINESS FELT IMPACT OF COVID-19, AND THERE WAS AN ORGANIC REVENUE DECREASE OF AROUND 19% IN MONTH.COMPASS - IN EVENT REDEPLOYMENT NOT POSSIBLE, EMPLOYEES HAVE BEEN FURLOUGHED ACCORDING TO LOCAL GOVERNMENT SUPPORT SCHEMES AND LABOUR REGULATIONS.  Full Article

Compass Group Says No Decision Made On Whether To Proceed With Capital Raise
Friday, 15 May 2020 

May 15 (Reuters) - Compass Group PLC ::COMPASS GROUP PLC - RESPONSE TO PRESS SPECULATION.COMPASS - NOTES RECENT PRESS SPECULATION REGARDING A POTENTIAL CAPITAL RAISE..COMPASS - NO DECISION HAS BEEN MADE ON WHETHER TO PROCEED WITH A CAPITAL RAISE.COMPASS - OBTAINED WAIVERS FROM OUR US PRIVATE PLACEMENT INVESTORS FOR OUR LEVERAGE COVENANT TESTS IN SEPTEMBER 2020 AND MARCH 2021.COMPASS - INTEREST COVER TEST HAS BEEN WAIVED FOR SEPTEMBER 2020.COMPASS - SUSPENDED DIVIDEND, HAVE INCREASED LIQUIDITY BY AN ADDITIONAL £800M AND NOW HAVE TOTAL COMMITTED REVOLVING CREDIT FACILITIES OF £2.8BN.  Full Article

Compass Group Says Around 55% Of Business Closed Due To Lockdowns, Suspends Dividend
Thursday, 23 Apr 2020 

April 23 (Reuters) - Compass Group PLC ::COVID-19 UPDATE.IN LAST TWO WEEKS OF MARCH, BUSINESS PERFORMED IN LINE WITH EXPECTATIONS SET OUT IN OUR CORONAVIRUS TRADING UPDATE OF 17 MARCH 2020.ORGANIC REVENUE GROWTH FOR HALF YEAR 2020 WAS C.1.6%, WITHIN 0%-2% EXPECTED RANGE.CURRENTLY AROUND 55% OF OUR BUSINESS IS CLOSED DUE TO COUNTRY LOCK DOWNS.PROACTIVELY MITIGATING OUR COST BASE BY AROUND £450M PER MONTH BY TAKING A WIDE RANGE OF ACTIONS.REDEPLOYED OR FURLOUGHED MUCH OF FIXED ELEMENT OF OUR IN-UNIT LABOUR (MAP 4).REDUCED SALARY, HOURS OR FURLOUGHED ABOVE-UNIT OVERHEAD (MAP 5) EMPLOYEES.CHIEF EXECUTIVE HAS TEMPORARILY REDUCED HIS SALARY BY 30%.GROUP BOARD AND EXECUTIVE COMMITTEE HAVE TEMPORARILY REDUCED THEIR FEES AND SALARIES BY 25%.DROP THROUGH IMPACT OF LOST REVENUES ON HY OPERATING PROFIT WAS BETWEEN 28%-29%, WITHIN ANTICIPATED RANGE OF 25%-30%.NET CAPITAL EXPENDITURE IN HALF YEAR 2020 WAS AROUND £400M AND WE EXPECT CAPEX TO BE LOWER IN SECOND HALF OF YEAR.MERGERS & ACQUISITION ACTIVITY HAS BEEN PAUSED.AT 31 MARCH 2020 NET DEBT WAS AROUND £4.9BN.PUT IN PLACE AN ADDITIONAL RCF3 OF £800M WITH EXISTING RELATIONSHIP BANKS AND NOW HAVE TOTAL COMMITTED CREDIT FACILITIES OF £2.8BN.QUALIFIED FOR BANK OF ENGLAND'S COVID CORPORATE FINANCING FACILITY (CCFF) AND DREW DOWN £600M IN MARCH.AS A PRECAUTIONARY MEASURE, WE ARE IN CONSTRUCTIVE DISCUSSIONS WITH OUR US PRIVATE PLACEMENT INVESTORS TO OBTAIN A WAIVER OF COVENANT TESTS.  Full Article

Compass Five-Month Organic Rev Growth 6%
Tuesday, 17 Mar 2020 

March 17 (Reuters) - Compass Group PLC ::ORGANIC REVENUE GROWTH FOR FIVE MONTHS ENDING 29 FEBRUARY 2020 WAS 6%.AS MEASURES TO CONTAIN VIRUS IN OUR ASIA PACIFIC REGION DID NOT MATERIALLY IMPACT OUR BUSINESS.OPERATING MARGIN DURING THAT FIVE MONTH PERIOD INCREASED BY AROUND 10BPS.ACCELERATION OF CONTAINMENT MEASURES ADOPTED BY GOVERNMENTS AND CLIENTS IN CONTINENTAL EUROPE AND NORTH AMERICA HAVE AFFECTED OUR EXPECTATIONS FOR HALF YEAR.VAST MAJORITY OF OUR SPORTS & LEISURE AND EDUCATION BUSINESS IN THESE REGIONS HAS BEEN CLOSED.CURRENT EXPECTATIONS ARE THAT HALF YEAR 2020 ORGANIC REVENUE GROWTH SHOULD BE BETWEEN 0-2%.IMPLEMENTING SIGNIFICANT MITIGATION PLANS TO MANAGE OUR COSTS.EXPECT DROP-THROUGH IMPACT OF LOST REVENUE TO BE BETWEEN 25%-30% ACROSS BUSINESS.OPERATING PROFIT FOR HALF YEAR 2020 WILL BE £125 MILLION - £225 MILLION(2) LOWER THAN EXPECTED.WORKING TO PROTECT OUR CASH FLOW.HAVE SIGNIFICANT HEADROOM AGAINST A 4X NET DEBT/ EBITDA COVENANT IN OUR US PRIVATE PLACEMENT AGREEMENTS.HAVE SUBSTANTIAL LIQUIDITY WITH A £2 BILLION COMMITTED REVOLVING CREDIT FACILITY(3) MATURING IN 2024.  Full Article

Compass Group Says Q1 Organic Revenue Grew 5.3%
Thursday, 6 Feb 2020 

Feb 6 (Reuters) - Compass Group PLC ::AGM AND TRADING UPDATE.ORGANIC REVENUE FOR THREE MONTHS TO 31 DECEMBER 2019 GREW BY 5.3%.COST ACTION PROGRAMME, WHICH WAS ANNOUNCED IN NOVEMBER, IS PROGRESSING AS EXPECTED.WE HAVE HAD AN ENCOURAGING START TO YEAR AND OUR OUTLOOK FOR 2020 REMAINS UNCHANGED.REMAIN EXCITED ABOUT POTENTIAL FOR FURTHER REVENUE AND PROFIT GROWTH COMBINED WITH FURTHER RETURNS TO SHAREHOLDERS.RECENTLY SOLD 50% OF JAPANESE HIGHWAYS BUSINESS FOR A CONSIDERATION OF £55 MILLION.AGREEMENT TO SELL REMAINDER OF JAPANESE HIGHWAYS BUSINESS OVER NEXT THREE YEARS.  Full Article

Compass Group Says Chairman Intends To Step Down
Monday, 6 Jan 2020 

Jan 6 (Reuters) - Compass Group PLC ::COMPASS GROUP PLC - DIRECTORATE CHANGE.COMPASS GROUP PLC - PAUL WALSH, CHAIRMAN, HAS INDICATED HIS INTENTION TO STEP DOWN AS CHAIRMAN.COMPASS GROUP PLC - WALSH WILL REMAIN AS CHAIRMAN UNTIL HIS SUCCESSOR IS APPOINTED AND SO WILL NOT SEEK RE-ELECTION AT 2021 AGM.  Full Article

Central Nottinghamshire Hospitals Says Soft Services Providers Discussing Operational Matters At Project
Tuesday, 17 Dec 2019 

Dec 17 (Reuters) - Central Nottinghamshire Hospitals PLC [RIC:RIC:CENOH.UL]::AFTER COMPLETION OF EXTERNAL REVIEW OF PROJECT, SOFT SERVICES PROVIDERS DISCUSSING OPERATIONAL MATTERS AT PROJECT.ASSURED GUARANTY ENFORCED ITS RIGHTS TO PLACE PROJECT INTO DISTRIBUTION LOCK-UP UNTIL DEAL IS FULLY FINALISED.SOFT SERVICES PROVIDERS VIEW TO FINALISE AGREED POSITION ON MATTERS RELATED TO PROJECT IN EARLY 2020.CONTINUES TO WORK WITH TRUST, SKANSKA AND MEDIREST TO IMPROVE SERVICE PERFORMANCE ON PROJECT.DUE TO INVOLVEMENT OF EXTERNAL PARTIES, FINALISATION OF DEAL HAS TAKEN LONGER THAN EXPECTED.CO FULFILLED DEBT SERVICE OBLIGATIONS ON SEPT 30 WITHOUT UTILISING CASH AT CREDIT OF RESERVE BANK ACCOUNTS.  Full Article

UPDATE 1-Catering firm Compass names ex-Ferguson boss Meakins as chair

Aug 18 British catering company Compass Group on Tuesday named the former chief executive officer of Ferguson, Ian Meakins, as its non-executive chairman to succeed Paul Walsh when he steps down in December.