StockMarketWire.com - Food services company Compass warned the pace of recovery remained 'unclear' after reporting a 44% slide in revenue in the third quarter of the year as the pandemic forced the halted its operations.

Its education and business & industry sectors were mostly closed in April and May, and started to cautiously reopen in June, while sports & leisure remained fully shut.

By the end of June, about 60% of its business was open, compared to 55% by the end of May.

Organic revenue declined by 44% in the third quarter and by 14% for the nine months to 30 June 2020.

Operating margin fell 6.3% in the third quarter. The company, however, said operating margin had improved within the quarter, with the drop through improving further to 20% in June.

'The pace at which our volumes will recover is still unclear, especially given a possible increase in local lockdowns. We are encouraged by the relative improvement in performance in June, as well as the early signs of an acceleration in first time outsourcing opportunities,' the company said.


At 8:19am: [LON:CPG] Compass Group PLC share price was -19p at 1057.5p



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