Half Year Results Announcement

About this update from Compass Group Plc

[{"type":"text","content":"\n \n \n   \n Half Year Results Announcement for the six months ended 31 March 2025 \n   \n \n \n \n \n \n \n \n Underlying 1 results \n \n \n Statutory results \n \n \n \n \n HY 2025 \n \n \n HY 2024 \n \n \n Change \n \n \n HY 2025 \n \n \n HY 2024 \n \n \n Change \n \n \n \n \n Revenue \n \n \n $ 22.6 bn \n \n \n $20.7bn 2 \n \n \n 8.5% 3 \n \n \n $ 22.6 bn \n \n \n $20.7bn \n \n \n 8.8% \n \n \n \n \n Operating profit \n \n \n $ 1,627 m \n \n \n $1,458m 2 \n \n \n 11.6% 2 \n \n \n $ 1,476 m \n \n \n $1,420m \n \n \n 3.9% \n \n \n \n \n Operating margin \n \n \n 7.2 % \n \n \n 7.1% \n \n \n 10bps \n \n \n 6.5 % \n \n \n 6.8% \n \n \n (30)bps \n \n \n \n \n Earnings per share \n \n \n 64.5 c \n \n \n 58.3c 2 \n \n \n 10.6% 2 \n \n \n 54.2 c \n \n \n 50.4c \n \n \n 7.5% \n \n \n \n \n Operating cash flow \n \n \n $ 1,161 m \n \n \n $1,114m \n \n \n 4.2% \n \n \n $ 1,336 m \n \n \n $1,330m \n \n \n 0.5% \n \n \n \n \n Free cash flow \n \n \n $ 743 m \n \n \n $704m \n \n \n 5.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interim dividend per share \n \n \n 22.6 c \n \n \n 20.7c \n \n \n 9.2% \n \n \n 22.6 c \n \n \n 20.7c \n \n \n 9.2% \n \n \n \n \n Strong net new business and double-digit underlying operating profit growth \n Delivering profit growth ahead of revenue growth: \n •    Underlying operating profit increased by 11.6% 2 \n •    Organic revenue up 8.5% with continued strong net new business growth of 4.4% \n •    Secured new business of $3.6bn (LTM 4 ), an 8.5% 2 increase year on year \n •    Strong client retention rate of over 96% \n Investing for future growth: \n •    $1.7bn net expenditure on capex (3.0% of underlying revenue) and M&A ($1bn) \n •    Expanding our total addressable market through further sub-sectorisation and use of technology \n •    Unlocking opportunities in our core markets: nearly 75% still self-operated or managed by regional players \n Resilient business model: \n •    Diverse sector portfolio, wide-ranging client base, flexible operating models and significant purchasing scale \n •    Decentralised business model with predominantly local sourcing and supply chain \n •    Well placed to benefit from any increase in outsourcing due to macroeconomic pressures \n •    Completed portfolio reshaping following divestments of Chile, Colombia, Mexico and Kazakhstan \n Outlook unchanged: \n •    For 2025, we continue to expect high single-digit underlying operating profit growth 2 driven by organic revenue growth above 7.5% and ongoing margin progression \n •    Longer term, we remain confident in sustaining mid-to-high single-digit organic revenue growth, ongoing margin progression and profit growth ahead of revenue growth \n Statutory results: \n •    Revenue increased by 8.8 % reflecting the strong trading performance \n •    Operating profit, including charges relating to business acquisitions (mainly amortisation of acquired intangible assets), increased by 3.9 % to $ 1,476 m. The 30bps reduction in operating margin reflects these higher charges \n   \n   \n 1.    Reconciliation of statutory to underlying results can be found in notes 2 (segmental analysis) and 13 (non-GAAP measures) to the consolidated financial statements. \n 2.    Measured on a constant-currency basis. \n 3.    Organic revenue change. \n 4.    Annual revenue of new business wins in the last 12 months. \n   \n \n Business review \n \n Dominic Blakemore, Group Chief Executive, said: \n \"The Group achieved double-digit underlying operating profit growth driven by strong organic revenue and margin progression across both regions. We are now in the fourth year of net new business growth within our 4-5% target range, supported by an improved performance in Europe and client retention rate of over 96%. \n The market opportunity is very attractive, with first-time outsourcing accounting for 45% of new business wins. Over the last 12 months, we have signed over $3.6bn 1 of new contracts, an increase of 8.5% 2 year on year, and we have a strong pipeline of future business across all our markets. Our size, and balance sheet strength, give us the most scope in the industry to invest as we further enhance our unique sectorised approach and technology capabilities. \n We have a diverse sector portfolio, wide-ranging client base and significant local purchasing scale. Although not immune to macroeconomic pressures, we are confident in the resilience of our business model, strength of our value proposition and ability to capitalise on outsourcing opportunities. \n This year, we continue to expect high single-digit underlying operating profit growth 2 , driven by organic revenue growth above 7.5% and ongoing margin progression. Longer term, we remain confident in sustaining mid-to-high single-digit organic revenue growth with ongoing margin progression, leading to profit growth ahead of revenue growth.\" \n   \n   \n Results presentation today \n Today, 14 May 2025, management will present Compass Group's Half Year 2025 results. \n At 9:00am (UK time), investors and analysts will be able to view a video presentation which will stream live on the Compass Group website at www.compass-group.com . An audio-only telephone option is available if you are unable to watch the video. \n Following the video presentation, management will host a live Q&A session for investors and analysts. Participants must be connected by phone to ask a question during the conference call. \n Participant dial in details: \n \n \n \n \n UK \n \n \n +44 (0) 33 0551 0200 \n \n \n \n \n UK Toll-Free \n \n \n 0808 109 0700 \n \n \n \n \n \n \n \n \n \n \n \n \n US \n \n \n +1 786 697 3501 \n \n \n \n \n US Toll-Free \n \n \n +1 866 580 3963 \n \n \n \n \n Enquiries \n \n \n \n \n Investors \n \n \n Agatha Donnelly, Helen Javanshiri & Simon Bielecki \n \n \n +44 1932 573 000 \n \n \n \n \n Press \n \n \n Amy Shields, Compass Group \n \n \n +44 1932 573 000 \n \n \n \n \n \n \n \n Tim Danaher, Brunswick \n \n \n +44 207 404 5959 \n \n \n \n \n Website \n \n \n www.compass-group.com \n \n \n \n \n \n \n \n Financial calendar \n \n \n \n \n Ex-dividend date for 2025 interim dividend \n \n \n 19 June \n \n \n \n \n Record date for 2025 interim dividend \n \n \n 20 June \n \n \n \n \n Last day for dividend currency elections \n \n \n   7 July \n \n \n \n \n Last day for DRIP elections \n \n \n 10 July \n \n \n \n \n Sterling equivalent of 2025 interim dividend announced \n \n \n 15 July \n \n \n \n \n Q3 trading update \n \n \n 22 July \n \n \n \n \n 2025 interim dividend date for payment \n \n \n 31 July \n \n \n \n \n Full-year results \n \n \n 25 November \n \n \n \n \n   \n   \n 1.    Annual revenue of new business wins in the last 12 months. \n 2.    Measured on a constant-currency basis. \n \n \n Business review (continued) \n \n Basis of preparation \n Following the completion of our portfolio reshaping, the former Rest of World region accounts for c.5% of the Group's revenue on a pro forma basis. As a result, the Group's internal management reporting structure has been changed to combine Rest of World with Europe to form a new International region. \n Throughout the Half Year Results Announcement, and consistent with prior periods, underlying and other alternative performance measures are used to describe the Group's performance alongside statutory measures (see page 6). \n Strategy \n Compass is focused on the provision of food services, with targeted support services where appropriate. Having recently divested of several non-core markets, we have further improved the quality of our portfolio and now operate in around 30 countries in North America, Europe and Asia-Pacific. \n Our addressable market is worth c.$320bn, nearly 75% of which is still self-operated or managed by regional players. More demanding consumer expectations and increased macroeconomic pressures continue to accelerate first-time outsourcing, and we have clear competitive advantages built over decades that help us capture these opportunities. \n We have built a resilient business model with a diverse sector portfolio and a wide-ranging customer base. Our unique approach to the market through sectorisation enables us to better differentiate our offer compared to our competitors and create bespoke solutions for our clients. \n We leverage our significant scale, particularly in food procurement, which is mainly locally sourced and are continuing to increase the flexibility of our offer, ranging from different food models to digital and sustainability initiatives. \n Performance \n Compass delivered a strong first-half performance, with double-digit underlying operating profit growth in both regions. Organic revenue growth was 8.5% 1 and underlying operating margin increased by 10bps to 7.2% 1 . \n Capital expenditure was $0.7bn 1 , 3.0% 1 of underlying revenue, and net M&A expenditure was $1.0bn, the majority of which was spent on 4Service in Norway and Dupont Restauration in France. In addition, during the period, the Group acquired several small businesses mainly in the US and UK and completed its portfolio reshaping with the exit from four countries (Chile, Colombia, Mexico and Kazakhstan). \n Cash flow generation remains strong, with underlying operating cash flow of $1,161m 1 (2024: $1,114m) and underlying free cash flow of $743m 1 (2024: $704m). Leverage (net debt to EBITDA) remains within the Group's guided range at 1.5x 1 as at 31 March 2025. \n Revenue \n Organic revenue growth of 8.5% 1 was driven by strong net new business growth of 4.4% 1 , with pricing at around 3% and like-for-like volume growth of around 1%. Client retention rates remained strong at 96.2%. \n On a statutory basis, revenue increased by 8.8% to $22,568m (2024: $20,744m). \n Profit \n Underlying operating profit increased by 11.6% 1 on a constant-currency basis, to $1,627m 1 , with underlying operating margin at 7.2% 1 (2024: 7.1%). Margin progression was achieved across both regions driven by continued operating efficiencies and the benefits of greater scale in our countries of operation. \n Statutory operating profit was $1,476m (2024: $1,420m), an increase of 3.9%, with statutory operating margin of 6.5% (2024: 6.8%). \n Statutory profit before tax of $1,283m (2024: $1,195m) includes net charges of $195m (2024: $168m) which are excluded from underlying profit before tax. During the period, acquisition-related charges totalled $147m (2024: $49m), which is mainly amortisation of acquired intangible assets, and we incurred a net charge of $44m (2024: $94m) in relation to the completion of our strategic portfolio review to focus on the Group's core markets, which includes the exit from four countries. \n   \n 1.    Alternative Performance Measure (APM). The Group's APMs are defined in note 13 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 13 to the consolidated financial statements. \n \n \n Business review (continued) \n \n 2025 guidance \n The Group continues to expect to achieve high single-digit underlying operating profit growth 1 in 2025 with organic revenue growth above 7.5% 2 . We expect underlying finance costs to be around $300m 2 , with an underlying effective tax rate of around 25.5% 2 . \n Capital allocation \n Our capital allocation framework is clear and unchanged. Our priority is to invest in the business to fund growth opportunities, target a strong investment-grade credit rating with a leverage target of around 1x-1.5x net debt to EBITDA and pay an ordinary dividend, with any surplus capital being returned to shareholders. \n Growth investment consists of: (i) capital expenditure to support organic growth in both new business wins and retention of existing contracts; and (ii) bolt-on M&A opportunities that strengthen our capabilities and broaden our exposure. We have a proven track record of strong returns from our investment strategy as evidenced by our historical returns on capital employed. \n Shareholder returns \n Our dividend policy is to pay out around 50% of underlying earnings through an interim and final dividend, with the interim dividend reflecting around one-third of the total annual dividend. The Board has approved an interim dividend of 22.6c per share representing an increase of 9.2% on the prior year's interim dividend. \n Shareholders appearing on the Register of Members or holding their shares through CREST will automatically receive their dividends in sterling, but have the option to elect to receive their dividends in US dollars. For shares held in certificated form on the register, US dollar elections can be made by contacting our share registrar, MUFG Corporate Markets. MUFG's contact details can be found on our website under Dividend Information. \n The $500m share buyback announced in November 2023 was completed in December 2024, with a cash outflow of $115m during the period. \n People \n Our colleagues deliver outstanding experiences to clients and consumers in the countries in which we operate. They are the key to our success, and our people strategy is focused on identifying, attracting, developing and retaining the high-calibre talent essential for achieving our objectives. \n We create lifelong opportunities for people from the communities we serve, ensuring they thrive in safe and positive working environments built on a foundation of respect, teamwork and growth. \n We tailor our approach to recruitment to the requirements of each country and sector. For example, in North America, we use targeted campaigns, process automation, AI and other tools to make the hiring process as efficient and accessible as possible. \n We aim to cultivate a caring, winning culture where we enable opportunities for all our employees. Our focus is on treating everyone with fairness and respect, providing opportunities for growth and development, and fostering a positive, supportive workplace throughout their careers. \n Understanding the pressures of daily life, we offer a range of support measures to ensure our employees' wellbeing, encompassing physical, financial and mental health. \n Purpose \n We influence meaningful change and improve lives by harnessing our passion for food, advocating for responsible sourcing and reducing food waste. \n As part of our Planet Promise, we are committed to achieving climate net zero globally by 2050 through culinary innovation, collaboration and partnerships. We are focused on reducing food waste across our value chain, with nearly 10,000 sites recording waste in 2024. Beyond our kitchens, we inspire global action through initiatives like Stop Food Waste Day. \n We continue to make good progress towards our emissions targets, reducing our overall greenhouse gas intensity ratio by 4% in 2024 despite a 10% increase in underlying revenue. As the Group grows, we continue to refine our emissions measurement and work closely with suppliers and partners to address Scope 3 emissions, which primarily originate in the supply chain. \n   \n 1.    Measured on a constant-currency basis. \n 2.    Alternative Performance Measure (APM). The Group's APMs are defined in note 13 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 13 to the consolidated financial statements. \n \n \n Business review (continued) \n \n Summary \n The Group delivered a strong first-half performance, with double-digit underlying operating profit growth and good progress in both regions. Net new business growth was within our 4-5% target range for the fourth year running and our client retention rate remains above 96%. \n We are investing for future growth and have acquired attractive businesses which are helping to expand our addressable market through further sub-sectorisation. Following the reshaping of our portfolio, we are now even more focused on our core markets in which we have a strong pipeline of future business. \n We are well placed to capitalise on any increased outsourcing opportunities given the continuing attractive market opportunities and our strong competitive advantages. \n Our diverse sector portfolio, wide-ranging client base, flexible operating models and significant local purchasing scale all contribute to the resilience of our business. \n We have flexibility to help mitigate potential macroeconomic challenges and remain confident in our longer-term growth algorithm of mid-to-high single-digit organic revenue growth with ongoing margin progression, leading to profit growth ahead of revenue growth. \n   \n \n Financial review \n \n Group performance \n We manage and assess the performance of the Group using various underlying and other Alternative Performance Measures (APMs). These measures are not defined by International Financial Reporting Standards (IFRS) or other generally accepted accounting principles (GAAP) and may not be directly comparable with APMs used by other companies. Underlying measures reflect ongoing trading and, therefore, facilitate meaningful year-on-year comparison. The Group's APMs, together with the results prepared in accordance with IFRS, provide comprehensive analysis of the Group's results. Accordingly, the relevant statutory measures are also presented where appropriate. Certain of the Group's APMs are financial Key Performance Indicators (KPIs) which measure progress against our strategy. The Group's APMs are defined in note 13 (non-GAAP measures) and reconciled to GAAP measures in notes 2 (segmental analysis) and 13 to the consolidated financial statements. \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying 1 \n \n \n $22,596m \n \n \n $20,887m \n \n \n 8.2% \n \n \n \n \n Underlying (constant currency) 1 \n \n \n $22,596m \n \n \n  $20,686m \n \n \n 9.2% \n \n \n \n \n Organic 1 \n \n \n $22,087m \n \n \n $20,357m \n \n \n 8.5% \n \n \n \n \n Statutory \n \n \n $22,568m \n \n \n $20,744m \n \n \n 8.8% \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying 1 \n \n \n $1,627m \n \n \n $1,474m \n \n \n 10.4% \n \n \n \n \n Underlying (constant currency) 1 \n \n \n $1,627m \n \n \n $1,458m \n \n \n 11.6% \n \n \n \n \n Statutory \n \n \n $1,476m \n \n \n $1,420m \n \n \n 3.9% \n \n \n \n \n Operating margin \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying 1 \n \n \n 7.2% \n \n \n 7.1% \n \n \n 10bps \n \n \n \n \n Statutory \n \n \n 6.5% \n \n \n 6.8% \n \n \n (30)bps \n \n \n \n \n Basic earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying 1 \n \n \n 64.5c \n \n \n 59.0c \n \n \n 9.3% \n \n \n \n \n Underlying (constant currency) 1 \n \n \n 64.5c \n \n \n 58.3c \n \n \n 10.6% \n \n \n \n \n Statutory \n \n \n 54.2c \n \n \n 50.4c \n \n \n 7.5% \n \n \n \n \n Cash flow \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying - free cash flow 1 \n \n \n $743m \n \n \n $704m \n \n \n 5.5% \n \n \n \n \n Statutory - net cash flow from operating activities \n \n \n $1,336m \n \n \n $1,330m \n \n \n 0.5% \n \n \n \n \n Dividend \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interim dividend per ordinary share \n \n \n 22.6c \n \n \n 20.7c \n \n \n 9.2% \n \n \n \n \n 1.    Alternative Performance Measure (APM) (see pages 37 to 44). \n   \n   \n \n Financial review (continued) \n \n Income statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Statutory \n $m \n \n \n Adjustments \n $m \n \n \n Underlying 1 \n $m \n \n \n \n \n \n Statutory \n  $m \n \n \n Adjustments \n  $m \n \n \n Underlying 1 \n  $m \n \n \n \n \n Revenue \n \n \n 22,568 \n \n \n 28 \n \n \n 22,596 \n \n \n \n \n \n 20,744 \n \n \n 143 \n \n \n 20,887 \n \n \n \n \n Operating profit \n \n \n 1,476 \n \n \n 151 \n \n \n 1,627 \n \n \n \n \n \n 1,420 \n \n \n 54 \n \n \n 1,474 \n \n \n \n \n Net loss on sale and closure of businesses \n \n \n (36) \n \n \n 36 \n \n \n - \n \n \n \n \n \n (94) \n \n \n 94 \n \n \n - \n \n \n \n \n Finance costs \n \n \n (157) \n \n \n 8 \n \n \n (149) \n \n \n \n \n \n (131) \n \n \n 20 \n \n \n (111) \n \n \n \n \n Profit before tax \n \n \n 1,283 \n \n \n 195 \n \n \n 1,478 \n \n \n \n \n \n 1,195 \n \n \n 168 \n \n \n 1,363 \n \n \n \n \n Tax expense \n \n \n (357) \n \n \n (20) \n \n \n (377) \n \n \n \n \n \n (327) \n \n \n (21) \n \n \n (348) \n \n \n \n \n Profit for the period \n \n \n 926 \n \n \n 175 \n \n \n 1,101 \n \n \n \n \n \n 868 \n \n \n 147 \n \n \n 1,015 \n \n \n \n \n Non-controlling interests \n \n \n (7) \n \n \n - \n \n \n (7) \n \n \n \n \n \n (7) \n \n \n - \n \n \n (7) \n \n \n \n \n Attributable profit \n \n \n 919 \n \n \n 175 \n \n \n 1,094 \n \n \n \n \n \n 861 \n \n \n 147 \n \n \n 1,008 \n \n \n \n \n Average number of shares \n \n \n 1,697m \n \n \n - \n \n \n 1,697m \n \n \n \n \n \n 1,709m \n \n \n - \n \n \n 1,709m \n \n \n \n \n Basic earnings per share \n \n \n 54.2c \n \n \n 10.3c \n \n \n 64.5c \n \n \n \n \n \n 50.4c \n \n \n 8.6c \n \n \n 59.0c \n \n \n \n \n EBITDA \n \n \n \n \n \n \n \n \n 2,245 \n \n \n \n \n \n \n \n \n \n \n \n 2,030 \n \n \n \n \n 1.  Alternative Performance Measure (APM) (see pages 37 to 44). \n Statutory income statement \n Revenue \n On a statutory basis, revenue increased by 8.8% to $22,568m (2024: $20,744m). \n Operating profit \n Statutory operating profit was $1,476m (2024: $1,420m), an increase of 3.9%, with statutory operating margin of 6.5% (2024: 6.8%). Statutory operating profit includes non-underlying item charges of $151m (2024: $54m), including acquisition-related charges of $141m (2024: $49m), which is mainly amortisation of acquired intangible assets. A full list of non-underlying items is included in note 13 (non-GAAP measures). \n Net loss on sale and closure of businesses \n The Group has recognised a net loss of $36m on the sale and closure of businesses (2024: $94m), including exit costs of $7m and a charge of $69m in respect of the reclassification of cumulative currency translation differences. The Group exited four countries during the period, which completed its strategic portfolio review. \n Finance costs \n Finance costs increased to $157m (2024: $131m) mainly reflecting higher net borrowings during the period. \n Tax expense \n Profit before tax was $1,283m (2024: $1,195m) giving rise to an income tax expense of $357m (2024: $327m), equivalent to an effective tax rate of 27.8% (2024: 27.4%). As the underlying effective tax rate is unchanged, the increase in the rate reflects the impact of the treatment of the different non-underlying items. \n Earnings per share \n Basic earnings per share was 54.2c (2024: 50.4c), an increase of 7.5%, reflecting the higher profit for the period. \n Underlying income statement \n Revenue \n Organic revenue growth of 8.5% was driven by strong net new business growth of 4.4%, with pricing at around 3% and like-for-like volume growth of around 1%. Client retention rates remained strong at 96.2%. \n   \n   \n \n Financial review (continued) \n \n Operating profit \n Underlying operating profit increased by 11.6% on a constant-currency basis, to $1,627m, with underlying operating margin at 7.2% (2024: 7.1%). Margin progression was achieved across both regions driven by continued operating efficiencies and the benefits of greater scale in our countries of operation. \n Finance costs \n Underlying finance costs increased to $149m (2024: $111m) mainly reflecting higher net borrowings during the period. \n Tax expense \n On an underlying basis, the tax charge was $377m (2024: $348m), equivalent to an effective tax rate of 25.5% (2024: 25.5%). \n Earnings per share \n On a constant-currency basis, underlying basic earnings per share increased by 10.6% to 64.5c (2024: 58.3c) reflecting the higher profit for the period. \n Balance sheet \n Liquidity \n The Group finances its operations through cash generated by the business and borrowings from a number of sources, including banking institutions, the public and the private placement markets. The Group has developed long-term relationships with a number of financial counterparties with the balance sheet strength and credit quality to provide credit facilities as required. \n The Group seeks to avoid a concentration of debt maturities in any one period to spread its refinancing risk. A $100m US Private Placement (USPP) note matured and was repaid in December 2024. The maturity profile of the Group's principal borrowings at 31 March 2025 shows that the average period to maturity is 4.5 years (30 September 2024: 4.6 years). \n The Group's USPP notes contain leverage and interest cover covenants which are tested semi-annually at 31 March and 30 September. The leverage covenant test stipulates that consolidated net debt must be less than or equal to 3.5 times consolidated EBITDA. The interest cover covenant test stipulates that consolidated EBITDA must be more than or equal to 3 times consolidated net finance costs. Consolidated EBITDA and net finance costs are based on the preceding 12 months. The leverage and interest cover ratios were 1.4 times and 17.4 times, respectively, at 31 March 2025. Net debt, consolidated EBITDA and net finance costs are subject to certain accounting adjustments for the purposes of the covenant tests. \n At 31 March 2025, the Group had access to $3,731m (30 September 2024: $3,236m) of liquidity, including a Revolving Credit Facility (RCF) committed to February 2030 of $3,200m (30 September 2024: $2,683m), which was fully undrawn, and $531m (30 September 2024: $553m) of cash, net of overdrafts. The Group also had in issuance $1.3bn of commercial paper, which is backed up by the RCF. Our credit ratings remain strong investment grade: Standard & Poor's A/A-1 long-term/short-term (outlook Stable); and Moody's A2/P-1 long-term/short-term (outlook Stable). \n Net debt \n Net debt has increased by $1,201m to $6,592m (30 September 2024: $5,391m). The Group generated $692m of free cash flow, after capital expenditure of $671m, which was more than offset by $1,013m spent on the acquisition of businesses, net of disposal proceeds, dividends of $670m and the completion of the share buyback of $115m. Favourable exchange translation was $90m. \n At 31 March 2025, the ratio of net debt to underlying EBITDA was 1.5x (30 September 2024: 1.3x). Our leverage policy is to maintain strong investment-grade credit ratings and to target net debt to underlying EBITDA in the range of 1x‑1.5x. \n Post-employment benefits \n The accounting surplus in the Compass Group Pension Plan (UK Plan) is $312m at 31 March 2025 (30 September 2024: $542m). In December 2024, the UK Plan entered into a buy-in whereby c.98% of its liabilities of $1.7bn at 31 March 2025 are covered by an insurance arrangement which protects the Group's balance sheet from future volatility in financial markets and longevity rates in respect of these liabilities. \n   \n \n Financial review (continued) \n \n The deficit in the rest of the Group's defined benefit pension schemes has decreased to $1,239m (30 September 2024: $1,274m). The net deficit in these schemes is $112m (30 September 2024: $154m) including investments of $1,127m (30 September 2024: $1,120m) held in respect of unfunded pension schemes and the US Rabbi Trust arrangements which do not meet the definition of pension assets under IAS 19 Employee Benefits. \n Cash flow \n Free cash flow \n Free cash flow totalled $692m (2024: $675m). In the six months, we made cash payments totalling $15m (2024: $13m) in relation to strategic programmes and the one-off pension charge. Adjusting for this, and for acquisition transaction costs of $36m (2024: $16m) which are reported as part of operating cash flow, underlying free cash flow was $743m (2024: $704m), with underlying free cash flow conversion at 67.5% (2024: 69.4%). \n Capital expenditure of $671m (2024: $693m) is equivalent to 3.0% (2024: 3.3%) of underlying revenue. The working capital outflow, excluding provisions and pensions, was $356m (2024: $167m). The net interest outflow increased to $132m (2024: $98m) consistent with the higher underlying finance costs in the period. The net tax paid was $295m (2024: $301m), which is equivalent to an underlying cash tax rate of 20.0% (2024: 22.1%). \n Acquisition and disposal of businesses \n The Group spent $1,131m (2024: $371m) on business acquisitions during the period, net of cash acquired, including $701m on Dupont Restauration in France and 4Service in Norway (including the repayment of acquired borrowings), $284m on bolt-on acquisitions and interests in joint ventures and associates, and $146m of deferred and contingent consideration and other payments relating to businesses acquired in previous years. \n The Group received $118m (2024: $14m) in respect of disposal proceeds net of exit costs, which primarily comprises the sale of businesses in four countries during the period. \n Including $36m (2024: $16m) of acquisition transaction costs included in net cash flow from operating activities, the total net cash spent on the acquisition and disposal of businesses is $1,049m (2024: $373m). \n Dividends paid \n Dividends paid represent the 2024 final dividend of $670m. \n Purchase of own shares \n The cash outflow in respect of the completion of the $500m share buyback announced in November 2023 totalled $115m during the period. \n Foreign exchange translation \n The $90m gain (2024: $24m loss) on foreign exchange translation of net debt primarily arises in respect of the Group's sterling and euro debt. \n Related party transactions \n Details of transactions with related parties are set out in note 11 to the consolidated financial statements. These transactions have not had, and are not expected to have, a material effect on the financial performance or position of the Group. \n Going concern \n The factors considered by the directors in assessing the ability of the Group to continue as a going concern are discussed on page 22. \n The Group has access to considerable financial resources, together with longer-term contracts with a number of clients and suppliers across different geographic areas and industries. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully. \n Based on the assessment discussed on page 22, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the period of 12 months from the date of approval of the consolidated financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements. \n   \n   \n \n Regional review \n \n \n \n \n \n \n \n \n Underlying revenue 1 \n \n \n \n \n \n Change \n \n \n \n \n \n Statutory revenue \n \n \n \n \n \n Change \n \n \n \n \n \n \n \n 2025 \n$m \n \n \n 2024 \n $m \n \n \n \n \n \n Reported \n rates \n % \n \n \n Constant \n currency \n % \n \n \n Organic \n % \n \n \n \n \n \n 2025 \n$m \n \n \n 2024 \n $m \n \n \n \n \n \n Reported \n rates \n % \n \n \n \n \n North America \n \n \n 15,452 \n \n \n 14,127 \n \n \n \n \n \n 9.4% \n \n \n 9.6% \n \n \n 8.6% \n \n \n \n \n \n 15,444 \n \n \n 14,114 \n \n \n \n \n \n 9.4% \n \n \n \n \n International 2 \n \n \n 7,144 \n \n \n 6,760 \n \n \n \n \n \n 5.7% \n \n \n 8.4% \n \n \n 8.2% \n \n \n \n \n \n 7,124 \n \n \n 6,630 \n \n \n \n \n \n 7.5% \n \n \n \n \n Total \n \n \n 22,596 \n \n \n 20,887 \n \n \n \n \n \n 8.2% \n \n \n 9.2% \n \n \n 8.5% \n \n \n \n \n \n 22,568 \n \n \n 20,744 \n \n \n \n \n \n 8.8% \n \n \n \n \n   \n \n \n \n \n \n \n \n Underlying operating profit 1 \n \n \n \n \n \n Change \n \n \n \n \n \n Underlying operating margin 1 \n \n \n \n \n \n Statutory operating profit \n \n \n \n \n \n Statutory operating margin \n \n \n \n \n \n \n \n 2025 \n$m \n \n \n   \n 2024 \n$m \n \n \n \n \n \n Constant \n currency \n % \n \n \n \n \n \n 2025 \n% \n \n \n 2024 \n% \n \n \n \n \n \n 2025 \n$m \n \n \n   \n 2024 \n$m \n \n \n \n \n \n 2025 \n% \n \n \n 2024 \n% \n \n \n \n \n North America \n \n \n  1,289 \n \n \n 1,165 \n \n \n \n \n \n 10.8% \n \n \n \n \n \n 8.3% \n \n \n 8.2% \n \n \n \n \n \n 1,238 \n \n \n 1,157 \n \n \n \n \n \n 8.0% \n \n \n 8.2% \n \n \n \n \n International 2 \n \n \n  416 \n \n \n 381 \n \n \n \n \n \n 13.0% \n \n \n \n \n \n 5.8% \n \n \n 5.6% \n \n \n \n \n \n 316 \n \n \n 335 \n \n \n \n \n \n 4.4% \n \n \n 5.1% \n \n \n \n \n Unallocated overheads \n \n \n  (78) \n \n \n (72) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (78) \n \n \n (72) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total \n \n \n  1,627 \n \n \n 1,474 \n \n \n \n \n \n 11.6% \n \n \n \n \n \n 7.2% \n \n \n 7.1% \n \n \n \n \n \n 1,476 \n \n \n 1,420 \n \n \n \n \n \n 6.5% \n \n \n 6.8% \n \n \n \n \n 1.  Alternative Performance Measure (APM) (see pages 37 to 44). \n 2.  Our former Rest of World region now accounts for c.5% of the Group's revenue on a pro forma basis. With effect from 1 October 2024, the Group's internal management reporting structure has been changed to combine Rest of World with Europe to form a new International region. Comparative segmental financial information for 2024 has been re-presented. \n \n North America - 68% of Group underlying revenue (2024: 68%) \n Underlying \n Operating profit increased by 10.8% on a constant-currency basis, to $1,289m, primarily driven by strong organic revenue growth and further margin progress. \n Organic revenue growth of 8.6% resulted from continued excellent net new business growth, appropriate pricing and ongoing like-for-like volume growth. Our client retention rate in North America remained very strong at 97%. \n The region experienced good growth across all our main sectors. Business & Industry performed particularly well, underpinned by an excellent net new business performance and our compelling quality and value proposition, where we believe the gap continues to widen compared to high street alternatives. \n Operating margin increased by 10bps to 8.3% as the region benefited from operational efficiencies and overhead leverage. \n We continued to strengthen our market position through targeted acquisitions and investment in talent to unlock further growth opportunities, increasing our addressable market by targeting new and emerging sub-sectors. Vending and unattended markets remain an ongoing area of focus as we continue to expand our reach and capabilities. \n Statutory \n Statutory revenue increased by 9.4% to $15,444m reflecting the strong organic revenue growth. \n Statutory operating profit was $1,238m (2024: $1,157m), with the difference from underlying operating profit being acquisition-related charges of $51m (2024: $8m). \n   \n   \n \n Regional review (continued) \n \n International - 32% of Group underlying revenue (2024: 32%) \n Underlying \n As previously announced, following the completion of our portfolio reshaping, our Europe and Rest of World regions have been combined to form one new International region. \n Operating profit increased by 13.0% on a constant-currency basis, to $416m, driven by strong organic revenue growth and margin expansion. \n Organic revenue growth of 8.2% was driven by net new business growth, strong like-for-like-volume growth and appropriate levels of pricing. Our client retention rate at 95% remains significantly higher than historic levels. \n We experienced good growth across all sectors, particularly in Business & Industry and Sports & Leisure. Sports & Leisure is an area of focus for the Group as we further leverage our expertise across our International markets. \n Operating margin increased by 20bps to 5.8% as the region benefited from increased efficiencies and greater scale within our operations. \n We are continuing to invest in strategic M&A as we unlock growth opportunities in the region. During the period, we acquired Dupont Restauration in France and 4Service in Norway, further enhancing our ability to sub-sectorise and increasing the flexibility of our operating model \n We also completed the exits of our operations in Chile, Columbia, Mexico and Kazakhstan. \n Statutory \n Statutory revenue increased by 7.5% to $7,124m, with the difference between statutory and underlying revenue being the presentation of the share of results of our joint ventures operating in the Middle East. \n Statutory operating profit was $316m (2024: $335m), with the difference from underlying operating profit primarily reflecting acquisition-related charges of $90m (2024: $41m). \n   \n \n Risk management \n \n The Board takes a proactive approach to risk management aimed at protecting the Group's employees, clients and consumers and safeguarding the interests of the Company and its shareholders in a constantly changing environment. \n Risk management is an essential element of business governance. The Group has risk management policies, processes and procedures in place to ensure that risks are properly identified, evaluated and managed at the appropriate level. \n The identification of risks and opportunities, the development of action plans to manage those risks and maximise the opportunities, and the continual monitoring of progress against agreed key performance indicators (KPIs) are integral parts of the business process and core activities throughout the Group. \n Principal risks \n Details of the principal risks facing the Group and mitigating actions are included on pages 24 to 28 of the 2024 Annual Report. Those risks and uncertainties are unchanged at the date of this Announcement, with the exception of the economic volatility risk. A description of the risks and uncertainties is set out below. \n \n \n \n \n Risk and description \n \n \n   \n \n \n \n \n Climate change \n \n \n \n \n The impact of climate change on the environment may lead to issues around food sourcing and security, and supply chain continuity in some of the Group's markets. Issues in these areas could affect the availability of some food products, and potentially may lead to food cost inflation. \n \n \n \n \n Food safety \n \n \n   \n \n \n \n \n Compass Group companies feed millions of consumers every day. For that reason, setting the highest standards for food hygiene and safety is paramount. Safety breaches could cause serious business interruption and could result in criminal and/or civil prosecution, increased costs and potential damage to the Company's reputation. \n \n \n \n \n Occupational safety \n \n \n   \n \n \n \n \n Compass Group companies employ hundreds of thousands of people globally. Ensuring the safety of our employees, consumers, and suppliers is our top priority. Failure to comply with workplace safety standards can result in injuries to employees, clients and consumers, or other third parties, potentially causing operational disruptions and adverse financial, legal, and reputational consequences. \n \n \n \n \n Pandemic \n \n \n \n \n The Group's operations were significantly disrupted due to the global COVID-19 pandemic and associated containment measures. Compass recovered well and learned from the pandemic, and this risk has now diminished. However, outbreaks of another pandemic, could cause further business risk. \n   \n \n \n \n \n Talent \n \n \n   \n \n \n \n \n Attracting, retaining and motivating the best people with the right skills, at all levels of the organisation, is key to the long-term success of the Group. \n Changes to economic conditions may increase the risk of attrition at all levels of the organisation. \n \n \n \n \n Sales and retention \n \n \n \n \n The Group's growth ambitions rely on sustainably driving positive net new business through securing and retaining a diverse range of clients. \n The Group's operating companies contract with a large number of clients. Failure to comply with the terms of these contracts, including proper delivery of services, could lead to the loss of business and/or claims. \n The potential loss of material client contracts and the inability to secure additional new contracts in a competitive market is a risk to Compass' businesses. \n The emergence of new industry participants and traditional competition using disruptive technology could adversely affect the Group's businesses. \n \n \n \n \n \n \n Risk management (continued) \n \n Principal risks (continued) \n \n \n \n \n Risk and description (continued) \n \n \n   \n \n \n \n \n Geopolitical \n \n \n \n \n The conflict in the Middle East and the ongoing Russia-Ukraine war have increased geopolitical risks, heightened national security threats in those regions, and disrupted the global energy market. These factors contribute to risks such as economic volatility including cost inflation and cybersecurity threats. \n \n \n \n \n Economic volatility \n \n \n \n \n \n \n \n Certain sectors of Compass' business could be susceptible to negative shifts in the economy and employment rates. Whilst Compass has strategically exited a number of countries with high economic volatility, the recent global market instability has increased the potential risks of economic volatility in our primary markets. \n \n \n \n \n Business ethics and integrity \n \n \n \n \n Ineffective compliance management systems, lack of an embedded business integrity culture or serious violation of our policies, relevant laws, or regulations (including but not limited to anti-bribery and corruption, anti-competitive behaviour, fraud, money laundering, tax evasion, trade and economic sanctions, human rights and modern slavery, and data protection), could result in civil and/or criminal proceedings leading to significant fines, sanctions, financial loss and reputational harm. \n Regulatory expectations and new laws in these areas are being introduced in certain countries and regions, with a heightened focus on corporate enforcement, accountability and supply chain resilience. \n \n \n \n \n Cybersecurity and data privacy \n \n \n \n \n The digital world creates increasing risk for global businesses including, but not limited to, technology failures, loss of confidential data, data privacy breaches and damage to brand reputation through, for example, the increased threat of cyber-attacks, and use and instantaneous nature of social media. \n Disruption caused by the failure of key software applications, security controls, or underlying infrastructure, or disruption caused by cyber-attacks could impact day-to-day operations and management decision-making or result in a regulatory fine or other sanction and/or third-party claims. \n The incidence of sophisticated phishing and malware attacks (including ransomware) on businesses is rising with an increase in the number of companies suffering operational disruption, unauthorised access to and/or loss of data, including confidential, commercial, and personal identifiable data. \n A combination of geopolitical instability and accessibility of sophisticated AI enabled tools and techniques have contributed to an increase in the risk of phishing and malware attacks including ransomware across all industries. \n The democratisation of generative AI has given widespread access to powerful online AI services for content creation. This opportunity presents several risks including to data privacy and confidentiality. \n \n \n \n \n \n \n \n \n \n   \n \n Responsibility statement of the directors in respect of the half-yearly financial report \n \n The Interim Report complies with the Disclosure Guidance and Transparency Rules (DTR) of the United Kingdom's Financial Conduct Authority in respect of the requirement to produce a half-yearly financial report. The Interim Management Report is the responsibility of, and has been approved by, the directors. \n We confirm that to the best of our knowledge: \n ·    the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and \n ·    the Interim Management Report includes a fair review of the information required by: \n (a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and \n (b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. \n The directors have permitted the auditor to undertake whatever inspections it considers to be appropriate for the purpose of enabling the auditor to conduct its review. \n   \n On behalf of the Board \n   \n \n \n \n \n \n \n \n \n \n \n \n \n Dominic Blakemore \n \n \n Petros Parras \n \n \n \n \n Group Chief Executive Officer \n \n \n Group Chief Financial Officer \n \n \n \n \n \n \n \n \n \n \n \n \n 14 May 2025 \n \n \n \n \n \n \n \n \n   \n   \n Compass Group PLC \n Independent review report to Compass Group PLC \n \n \n \n \n \n Conclusion \n We have been engaged by Compass Group PLC (\"the Company\") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2025 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated balance sheet, the condensed consolidated cash flow statement and the related explanatory notes. \n Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2025 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK and the Disclosure Guidance and Transparency Rules (\"the DTR\") of the UK's Financial Conduct Authority (\"the UK FCA\"). \n Basis for conclusion \n We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity (\"ISRE (UK) 2410\") issued for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. \n A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n Conclusions relating to going concern \n Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention that causes us to believe that the directors have inappropriately adopted the going concern basis of accounting, or that the directors have identified material uncertainties relating to going concern that have not been appropriately disclosed. \n This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the Group to cease to continue as a going concern, and the above conclusions are not a guarantee that the Group will continue in operation. \n \n \n \n \n \n Directors' responsibilities \n The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA. \n As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards. \n The directors are responsible for preparing the condensed set of financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted for use in the UK. \n In preparing the condensed set of financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. \n Our responsibility \n Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of this report. \n The purpose of our review work and to whom we owe our responsibilities \n This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. \n   \n   \n \n   \n Jonathan Downer \n for and on behalf of KPMG LLP \n Chartered Accountants \n 15 Canada Square \n London \n E14 5GL \n   \n 14 May 2025 \n \n \n \n \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Condensed consolidated income statement \n For the six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n \n \n \n Revenue \n \n \n 2 \n \n \n \n \n \n 22,568 \n \n \n \n \n \n \n \n \n 20,744 \n \n \n \n \n \n \n \n Operating costs \n \n \n 3 \n \n \n \n \n \n (21,111) \n \n \n \n \n \n \n \n \n (19,354) \n \n \n \n \n \n \n \n Operating profit before joint ventures and associates \n \n \n \n \n \n \n \n \n 1,457 \n \n \n \n \n \n \n \n \n 1,390 \n \n \n \n \n \n \n \n Share of results of joint ventures and associates \n \n \n \n \n \n \n \n \n 19 \n \n \n \n \n \n \n \n \n 30 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit 1 \n \n \n 2,13 \n \n \n 1,627 \n \n \n \n \n \n \n \n \n 1,474 \n \n \n \n \n \n \n \n \n \n \n Acquisition-related charges \n \n \n 2,13 \n \n \n (141) \n \n \n \n \n \n \n \n \n (49) \n \n \n \n \n \n \n \n \n \n \n Charges related to the strategic portfolio review \n \n \n 2,13 \n \n \n (8 ) \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n Other 2 \n \n \n 2,13 \n \n \n (2) \n \n \n \n \n \n \n \n \n (5) \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n 2 \n \n \n \n \n \n 1,476 \n \n \n \n \n \n \n \n \n 1,420 \n \n \n \n \n \n \n \n Net loss on sale and closure of businesses \n \n \n 9,13 \n \n \n \n \n \n (36) \n \n \n \n \n \n \n \n \n (94) \n \n \n \n \n \n \n \n Finance income \n \n \n \n \n \n 18 \n \n \n \n \n \n \n \n \n 18 \n \n \n \n \n \n \n \n \n \n \n Finance expense \n \n \n \n \n \n (167) \n \n \n \n \n \n \n \n \n (129) \n \n \n \n \n \n \n \n \n \n \n Acquisition-related charges \n \n \n 13 \n \n \n (6) \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n Other financing items \n \n \n 13 \n \n \n (2) \n \n \n \n \n \n \n \n \n (20) \n \n \n \n \n \n \n \n \n \n \n Finance costs \n \n \n \n \n \n \n \n \n (157) \n \n \n \n \n \n \n \n \n (131) \n \n \n \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n 1,283 \n \n \n \n \n \n \n \n \n 1,195 \n \n \n \n \n \n \n \n Income tax expense \n \n \n 4 \n \n \n \n \n \n (357) \n \n \n \n \n \n \n \n \n (327) \n \n \n \n \n \n \n \n Profit for the period \n \n \n \n \n \n \n \n \n 926 \n \n \n \n \n \n \n \n \n 868 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity shareholders \n \n \n \n \n \n \n \n \n 919 \n \n \n \n \n \n \n \n \n 861 \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n 7 \n \n \n \n \n \n \n \n \n 7 \n \n \n \n \n \n \n \n Profit for the period \n \n \n \n \n \n \n \n \n 926 \n \n \n \n \n \n \n \n \n 868 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n 5 \n \n \n \n \n \n 54.2c \n \n \n \n \n \n \n \n \n 50.4c \n \n \n \n \n \n \n \n Diluted earnings per share \n \n \n 5 \n \n \n \n \n \n 54.1c \n \n \n \n \n \n \n \n \n 50.4c \n \n \n \n \n 1.  Operating profit excluding specific adjusting items (see note 13). \n 2.  Other specific adjusting items include one-off pension charge and tax on share of profit of joint ventures (see note 13). \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Condensed consolidated statement of comprehensive income \n For the six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n \n \n \n Notes \n \n \n 2025 \n$m \n \n \n 2024 \n $m \n \n \n \n \n Profit for the period \n \n \n \n \n \n 926 \n \n \n 868 \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will not be reclassified to the income statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remeasurement of post-employment benefit obligations \n \n \n \n \n \n 204 \n \n \n (259) \n \n \n \n \n Return on plan assets, excluding interest income \n \n \n \n \n \n (327) \n \n \n 101 \n \n \n \n \n Change in asset ceiling, excluding interest income \n \n \n \n \n \n (1) \n \n \n - \n \n \n \n \n Change in fair value of financial assets at fair value through other comprehensive income \n \n \n \n \n \n (35) \n \n \n 204 \n \n \n \n \n Tax credit/(charge) on items relating to the components of other comprehensive income \n \n \n \n \n \n 41 \n \n \n (16) \n \n \n \n \n \n \n \n \n \n \n (118) \n \n \n 30 \n \n \n \n \n Items that may be reclassified to the income statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n Currency translation differences 1 \n \n \n \n \n \n (106) \n \n \n 82 \n \n \n \n \n Change in fair value of financial assets at fair value through other comprehensive income \n \n \n \n \n \n (8) \n \n \n 5 \n \n \n \n \n Reclassification of cumulative currency translation differences on sale of businesses \n \n \n 9 \n \n \n 69 \n \n \n 76 \n \n \n \n \n \n \n \n \n \n \n (45) \n \n \n 163 \n \n \n \n \n Total other comprehensive (loss)/income for the period \n \n \n \n \n \n (163) \n \n \n 193 \n \n \n \n \n Total comprehensive income for the period \n \n \n \n \n \n 763 \n \n \n 1,061 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity shareholders \n \n \n \n \n \n 756 \n \n \n 1,054 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 7 \n \n \n 7 \n \n \n \n \n Total comprehensive income for the period \n \n \n \n \n \n 763 \n \n \n 1,061 \n \n \n \n \n 1.  Includes a loss of $61m in relation to the effective portion of net investment hedges (2024: gain of $96m). \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Condensed consolidated statement of changes in equity \n For the six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n Attributable to equity shareholders \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n Share capital \n $m \n \n \n Share premium \n $m \n \n \n Other reserves \n $m \n \n \n Retained earnings \n $m \n \n \n Non-controlling interests \n $m \n \n \n Total equity \n $m \n \n \n \n \n At 1 October 2024 \n \n \n \n \n \n 346 \n \n \n 317 \n \n \n 4,592 \n \n \n 1,574 \n \n \n 77 \n \n \n 6,906 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 919 \n \n \n 7 \n \n \n 926 \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Remeasurement of post-employment benefit obligations \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 204 \n \n \n - \n \n \n 204 \n \n \n \n \n Return on plan assets, excluding interest income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (327) \n \n \n - \n \n \n (327) \n \n \n \n \n Change in asset ceiling, excluding interest income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (1) \n \n \n - \n \n \n (1) \n \n \n \n \n Change in fair value of financial assets at fair value through other comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (43) \n \n \n - \n \n \n (43) \n \n \n \n \n Currency translation differences \n \n \n \n \n \n - \n \n \n - \n \n \n (106) \n \n \n - \n \n \n - \n \n \n (106) \n \n \n \n \n Reclassification of cumulative currency translation differences on sale of businesses \n \n \n 9 \n \n \n - \n \n \n - \n \n \n 69 \n \n \n - \n \n \n - \n \n \n 69 \n \n \n \n \n Tax credit on items relating to the components of other comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 41 \n \n \n - \n \n \n 41 \n \n \n \n \n Total other comprehensive loss for the period \n \n \n \n \n \n - \n \n \n - \n \n \n (37) \n \n \n (126) \n \n \n - \n \n \n (163) \n \n \n \n \n Total comprehensive (loss)/income for the period \n \n \n \n \n \n - \n \n \n - \n \n \n (37) \n \n \n 793 \n \n \n 7 \n \n \n 763 \n \n \n \n \n Fair value of share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 40 \n \n \n - \n \n \n 40 \n \n \n \n \n Changes to non-controlling interests due to acquisitions and disposals \n \n \n 9 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 5 \n \n \n 5 \n \n \n \n \n Change in fair value of non-controlling interest put options \n \n \n \n \n \n - \n \n \n - \n \n \n (2) \n \n \n - \n \n \n - \n \n \n (2) \n \n \n \n \n Cost of shares transferred to employees \n \n \n \n \n \n - \n \n \n - \n \n \n 71 \n \n \n (71) \n \n \n - \n \n \n - \n \n \n \n \n Purchase of own shares - share buybac k \n \n \n \n \n \n - \n \n \n - \n \n \n 4 \n \n \n - \n \n \n - \n \n \n 4 \n \n \n \n \n Tax credit on items taken directly to equity \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 8 \n \n \n - \n \n \n 8 \n \n \n \n \n \n \n \n \n \n \n 346 \n \n \n 317 \n \n \n 4,628 \n \n \n 2,344 \n \n \n 89 \n \n \n 7,724 \n \n \n \n \n Dividends paid to equity shareholders \n \n \n 6 \n \n \n - \n \n \n - \n \n \n - \n \n \n (670) \n \n \n - \n \n \n (670) \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (2) \n \n \n (2) \n \n \n \n \n At 31 March 2025 \n \n \n \n \n \n 346 \n \n \n 317 \n \n \n 4,628 \n \n \n 1,674 \n \n \n 87 \n \n \n 7,052 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Condensed consolidated statement of changes in equity \n For the six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n Attributable to equity shareholders \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n Share capital \n $m \n \n \n Share premium \n $m \n \n \n Other reserves \n $m \n \n \n Retained earnings \n $m \n \n \n Non-controlling interests \n $m \n \n \n Total equity \n $m \n \n \n \n \n At 1 October 2023 \n \n \n \n \n \n 346 \n \n \n 317 \n \n \n 4,582 \n \n \n 1,018 \n \n \n 37 \n \n \n 6,300 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 861 \n \n \n 7 \n \n \n 868 \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remeasurement of post-employment benefit obligations \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (259) \n \n \n - \n \n \n (259) \n \n \n \n \n Return on plan assets, excluding interest income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 101 \n \n \n - \n \n \n 101 \n \n \n \n \n Change in fair value of financial assets at fair value through other comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 209 \n \n \n - \n \n \n 209 \n \n \n \n \n Currency translation differences \n \n \n \n \n \n - \n \n \n - \n \n \n 82 \n \n \n - \n \n \n - \n \n \n 82 \n \n \n \n \n Reclassification of cumulative currency translation differences on sale of businesses \n \n \n \n \n \n - \n \n \n - \n \n \n 76 \n \n \n - \n \n \n - \n \n \n 76 \n \n \n \n \n Tax charge on items relating to the components of other comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (16) \n \n \n - \n \n \n (16) \n \n \n \n \n Total other comprehensive income for the period \n \n \n \n \n \n - \n \n \n - \n \n \n 158 \n \n \n 35 \n \n \n - \n \n \n 193 \n \n \n \n \n Total comprehensive income for the period \n \n \n \n \n \n - \n \n \n - \n \n \n 158 \n \n \n 896 \n \n \n 7 \n \n \n 1,061 \n \n \n \n \n Fair value of share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 34 \n \n \n - \n \n \n 34 \n \n \n \n \n Change in fair value of non-controlling interest put options \n \n \n \n \n \n - \n \n \n - \n \n \n 7 \n \n \n - \n \n \n - \n \n \n 7 \n \n \n \n \n Cost of shares transferred to employees \n \n \n \n \n \n - \n \n \n - \n \n \n 62 \n \n \n (62) \n \n \n - \n \n \n - \n \n \n \n \n Purchase of own shares - share buybac k \n \n \n \n \n \n - \n \n \n - \n \n \n (253) \n \n \n - \n \n \n - \n \n \n (253) \n \n \n \n \n \n \n \n \n \n \n 346 \n \n \n 317 \n \n \n 4,556 \n \n \n 1,886 \n \n \n 44 \n \n \n 7,149 \n \n \n \n \n Dividends paid to equity shareholders \n \n \n 6 \n \n \n - \n \n \n - \n \n \n - \n \n \n (606) \n \n \n - \n \n \n (606) \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (4) \n \n \n (4) \n \n \n \n \n At 31 March 2024 \n \n \n \n \n \n 346 \n \n \n 317 \n \n \n 4,556 \n \n \n 1,280 \n \n \n 40 \n \n \n 6,539 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Condensed consolidated balance sheet \n At 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n At 31 March 2025 \n$m \n \n \n At 30 September 2024 \n$m \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill \n \n \n \n \n \n 7,411 \n \n \n 6,899 \n \n \n \n \n Other intangible assets \n \n \n \n \n \n 3,767 \n \n \n 3,325 \n \n \n \n \n Costs to obtain and fulfil contracts \n \n \n \n \n \n 1,529 \n \n \n 1,525 \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n 1,269 \n \n \n 1,144 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 1,450 \n \n \n 1,411 \n \n \n \n \n Interests in joint ventures and associates \n \n \n \n \n \n 199 \n \n \n 203 \n \n \n \n \n Other investments \n \n \n \n \n \n 1,180 \n \n \n 1,149 \n \n \n \n \n Post-employment benefit assets \n \n \n \n \n \n 312 \n \n \n 542 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 406 \n \n \n 410 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 223 \n \n \n 179 \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 30 \n \n \n 69 \n \n \n \n \n Non-current assets \n \n \n \n \n \n 17,776 \n \n \n 16,856 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 776 \n \n \n 734 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 5,855 \n \n \n 5,686 \n \n \n \n \n Tax recoverable \n \n \n \n \n \n 114 \n \n \n 141 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 653 \n \n \n 623 \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 13 \n \n \n 36 \n \n \n \n \n \n \n \n \n \n \n 7,411 \n \n \n 7,220 \n \n \n \n \n Assets held for sale \n \n \n \n \n \n - \n \n \n 273 \n \n \n \n \n Current assets \n \n \n \n \n \n 7,411 \n \n \n 7,493 \n \n \n \n \n Total assets \n \n \n \n \n \n 25,187 \n \n \n 24,349 \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n (2,043) \n \n \n (822) \n \n \n \n \n Lease liabilities \n \n \n \n \n \n (316) \n \n \n (273) \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n (14) \n \n \n (21) \n \n \n \n \n Provisions \n \n \n \n \n \n (390) \n \n \n (370) \n \n \n \n \n Current tax liabilities \n \n \n \n \n \n (235) \n \n \n (235) \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (7,761) \n \n \n (8,172) \n \n \n \n \n \n \n \n \n \n \n (10,759) \n \n \n (9,893) \n \n \n \n \n Liabilities held for sale \n \n \n \n \n \n - \n \n \n (179) \n \n \n \n \n Current liabilities \n \n \n \n \n \n (10,759) \n \n \n (10,072) \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n (3,624) \n \n \n (3,774) \n \n \n \n \n Lease liabilities \n \n \n \n \n \n (1,133) \n \n \n (1,042) \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n (158) \n \n \n (187) \n \n \n \n \n Post-employment benefit obligations \n \n \n \n \n \n (1,239) \n \n \n (1,274) \n \n \n \n \n Provisions \n \n \n \n \n \n (341) \n \n \n (344) \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (358) \n \n \n (287) \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (523) \n \n \n (463) \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n (7,376) \n \n \n (7,371) \n \n \n \n \n Total liabilities \n \n \n \n \n \n (18,135) \n \n \n (17,443) \n \n \n \n \n Net assets \n \n \n \n \n \n 7,052 \n \n \n 6,906 \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n \n \n \n 346 \n \n \n 346 \n \n \n \n \n Share premium \n \n \n \n \n \n 317 \n \n \n 317 \n \n \n \n \n Other reserves \n \n \n \n \n \n 4,628 \n \n \n 4,592 \n \n \n \n \n Retained earnings \n \n \n \n \n \n 1,674 \n \n \n 1,574 \n \n \n \n \n Total equity shareholders' funds \n \n \n \n \n \n 6,965 \n \n \n 6,829 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 87 \n \n \n 77 \n \n \n \n \n Total equity \n \n \n \n \n \n 7,052 \n \n \n 6,906 \n \n \n \n \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Condensed consolidated cash flow statement \n For the six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n \n \n \n Notes \n \n \n 2025 \n$m \n \n \n 2024 \n$m \n \n \n \n \n Cash flow from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash generated from operations \n \n \n 7 \n \n \n 1,782 \n \n \n 1,749 \n \n \n \n \n Interest paid \n \n \n \n \n \n (151) \n \n \n (118) \n \n \n \n \n Tax received \n \n \n \n \n \n 2 \n \n \n 3 \n \n \n \n \n Tax paid \n \n \n \n \n \n (297) \n \n \n (304) \n \n \n \n \n Net cash flow from operating activities \n \n \n \n \n \n 1,336 \n \n \n 1,330 \n \n \n \n \n Cash flow from investing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Purchase of subsidiary companies \n \n \n 9 \n \n \n (986) \n \n \n (366) \n \n \n \n \n Purchase of interests in joint ventures and associates \n \n \n \n \n \n - \n \n \n (5) \n \n \n \n \n Net proceeds from sale of subsidiary companies, joint ventures and associates net of exit costs \n \n \n 9 \n \n \n 118 \n \n \n 14 \n \n \n \n \n Purchase of intangible assets \n \n \n \n \n \n (167) \n \n \n (151) \n \n \n \n \n Purchase of contract fulfilment assets \n \n \n \n \n \n (174) \n \n \n (202) \n \n \n \n \n Purchase of property, plant and equipment \n \n \n \n \n \n (245) \n \n \n (263) \n \n \n \n \n Proceeds from sale of property, plant and equipment/intangible assets/contract fulfilment assets \n \n \n \n \n \n 23 \n \n \n 35 \n \n \n \n \n Purchase of other investments \n \n \n \n \n \n (30) \n \n \n (1) \n \n \n \n \n (Payments)/proceeds from sale of other investments \n \n \n \n \n \n (27) \n \n \n 1 \n \n \n \n \n Dividends received from joint ventures and associates \n \n \n \n \n \n 18 \n \n \n 18 \n \n \n \n \n Interest received \n \n \n \n \n \n 19 \n \n \n 20 \n \n \n \n \n Loans to third parties \n \n \n \n \n \n - \n \n \n (26) \n \n \n \n \n Net cash flow from investing activities \n \n \n \n \n \n (1,451) \n \n \n (926) \n \n \n \n \n Cash flow from financing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Purchase of own shares - share buyback \n \n \n \n \n \n (115) \n \n \n (377) \n \n \n \n \n Increase in borrowings \n \n \n \n \n \n 1,279 \n \n \n 806 \n \n \n \n \n Repayment of borrowings \n \n \n \n \n \n (108) \n \n \n (352) \n \n \n \n \n Repayment of borrowings acquired through business acquisitions \n \n \n 9 \n \n \n (145) \n \n \n - \n \n \n \n \n Net cash flow from derivative financial instruments \n \n \n \n \n \n (53) \n \n \n 51 \n \n \n \n \n Repayment of principal under lease liabilities \n \n \n \n \n \n (125) \n \n \n (108) \n \n \n \n \n Dividends paid to equity shareholders \n \n \n 6 \n \n \n (670) \n \n \n (606) \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n (2) \n \n \n (4) \n \n \n \n \n Net cash flow from financing activities \n \n \n \n \n \n 61 \n \n \n (590) \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Net decrease in cash and cash equivalents \n \n \n \n \n \n (54) \n \n \n (186) \n \n \n \n \n Cash and cash equivalents at 1 October 1 \n \n \n \n \n \n 593 \n \n \n 830 \n \n \n \n \n Currency translation (losses)/gains on cash and cash equivalents \n \n \n \n \n \n (8) \n \n \n 18 \n \n \n \n \n Cash and cash equivalents at 31 March \n \n \n \n \n \n 531 \n \n \n 662 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 653 \n \n \n 695 \n \n \n \n \n Bank overdrafts \n \n \n \n \n \n (122) \n \n \n (58) \n \n \n \n \n Cash and cash equivalents 2 \n \n \n \n \n \n 531 \n \n \n 637 \n \n \n \n \n Cash classified as held for sale \n \n \n \n \n \n - \n \n \n 25 \n \n \n \n \n Cash and cash equivalents at 31 March \n \n \n \n \n \n 531 \n \n \n 662 \n \n \n \n \n 1.  Cash and cash equivalents at 1 October 2024 include cash of $40m classified as held for sale and overdrafts of $70m in the consolidated balance sheet at 30 September 2024. \n 2.  As per the consolidated balance sheet. \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 1 Basis of preparation \n Introduction \n The unaudited condensed consolidated financial statements for the six months ended 31 March 2025: \n •    have been prepared in accordance with UK-adopted International Accounting Standard (IAS) 34 Interim Financial Reporting and the Disclosure Guidance and Transparency Rules sourcebook of the UK's Financial Conduct Authority; \n •    apply the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 30 September 2024; \n •    do not comprise statutory accounts for the purpose of Section 434 of the Companies Act 2006; \n •    should be read in conjunction with the Annual Report for the year ended 30 September 2024; and \n •    were approved by the Board on 14 May 2025. \n The comparative figures for the year ended 30 September 2024 are not the Group's statutory accounts for that financial year. Those financial statements have been reported on by the Group's auditor and delivered to the Registrar of Companies. The report of the auditor was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006. \n The annual financial statements of the Group will be prepared in accordance with UK-adopted International Accounting Standards. \n Going concern \n The consolidated financial statements are prepared on a going concern basis for the reasons stated below. \n At 31 March 2025, the Group's financing arrangements included Eurobonds ($3.6bn) and US Private Placement (USPP) notes ($0.6bn), together with a Revolving Credit Facility (RCF) of $3.2bn, committed to February 2030, which was fully undrawn, and $0.5bn of cash, net of overdrafts. The Group also had in issuance $1.3bn of commercial paper, which is backed up by the RCF. The USPP notes are subject to leverage and interest cover covenants which are tested on 31 March and 30 September each year. The Group met both covenants at 31 March 2025. The liquidity position of the Group has remained substantially unchanged at the date of approving the consolidated financial statements. \n The directors have prepared monthly cash flow projections for a period of 12 months from the date of approval of the consolidated financial statements (assessment period). Debt maturities in the assessment period are, in the period to June 2025, $1.3bn of commercial paper and, in September 2025, a £250m ($323m) Eurobond and $300m USPP note. No refinancing of debt is assumed in the going concern assessment. \n The cash flow projections show that the Group has significant headroom against its committed facilities and meets its financial covenant obligations under the USPP notes. A stress test has been used to determine the performance level that would result in a reduction in headroom against the committed facilities to nil or a breach of the covenants. The Group's committed facilities would be reached in the event that underlying operating profit reduced by more than 70%, which the directors do not consider to be likely. The stress test assumes no new business acquisitions as the only mitigating action. \n Consequently, the directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least the period of 12 months from the date of approval of the consolidated financial statements. \n Changes in accounting policies \n There are a number of changes to accounting standards, effective in future years, which are not expected to significantly impact the Group's consolidated financial statements. \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 1 Basis of preparation (continued) \n Judgements \n The preparation of the consolidated financial statements requires management to make judgements in respect of the application of its accounting policies which impact the reported amounts of assets, liabilities, income and expenses. \n Whilst there are no judgements that management considers to be critical in the preparation of these financial statements, there is a significant judgement in respect of the classification of cash payments relating to contract fulfilment assets in the cash flow statement. \n With the exception of contract fulfilment assets, cash payments in respect of contract balances are classified as cash flows from operating activities. The Group classifies additions to contract fulfilment assets as cash flows from investing activities as they arise from cash payments in relation to assets that will generate long-term economic benefits. During the period, the purchase of contract fulfilment assets in cash flows from investing activities was $174m (2024: $202m). \n Estimates \n The preparation of the consolidated financial statements requires management to make estimates which impact the reported amounts of assets, liabilities, income and expenses. These estimates are based on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. \n Major sources of estimation uncertainty \n The Group's major source of estimation uncertainty is in relation to goodwill in the UK cash-generating unit on the basis that a reasonably possible change in key assumptions could have a material effect on the carrying amount in the next 12 months. \n Following a buy-in entered into in December 2024, whereby c.98% of the UK Plan's liabilities of $1.7bn at 31 March 2025 are covered by an insurance arrangement, post-employment benefit obligations are no longer considered to be a major source of estimation uncertainty. \n Other sources of estimation uncertainty \n In addition to the major source of estimation uncertainty, tax, acquisition intangibles and post-employment benefit obligations have been identified as other sources of estimation uncertainty. Whilst not considered to be major sources of estimation uncertainty as defined by IAS 1 Presentation of Financial Statements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. \n Climate change \n Climate change is identified as a principal risk as its impact on the environment may lead to issues around food sourcing and security, and supply chain continuity in some of the Group's markets. The Group has a commitment to reach climate net zero greenhouse gas (GHG) emissions across its global operations and value chain by 2050. The potential impact of climate change and the Group's net zero commitments on the following areas has been considered: going concern; tax; goodwill; other intangible assets; and post-employment benefits. There was no impact on the reported amounts in the financial statements as a result of this review. \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 2 Segmental analysis \n The segmental information presented is consistent with management reporting provided to the Executive Committee (the chief operating decision maker). The Executive Committee monitors the underlying revenue and operating profit of the Group's two geographical segments, North America and International, to assess performance and allocate resources. The Group also has a separate segment for central activities which includes costs in respect of central functions, including finance, legal, commercial, IT and human resources. Underlying revenue and operating profit are reconciled to GAAP measures below. Finance costs and income tax expense are managed on a Group basis. \n \n \n \n \n \n \n \n Geographical segments \n \n \n \n \n \n \n \n Revenue by sector and geographical segment 1,2 \n \n \n North America \n $m \n \n \n International 3 \n $m \n \n \n Total \n $m \n \n \n \n \n Six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Business & Industry \n \n \n 5,364 \n \n \n 3,233 \n \n \n 8,597 \n \n \n \n \n Education \n \n \n 3,525 \n \n \n 1,011 \n \n \n 4,536 \n \n \n \n \n Healthcare & Senior Living \n \n \n 4,245 \n \n \n 1,007 \n \n \n 5,252 \n \n \n \n \n Sports & Leisure \n \n \n 2,158 \n \n \n 787 \n \n \n 2,945 \n \n \n \n \n Defence, Offshore & Remote \n \n \n 160 \n \n \n 1,106 \n \n \n 1,266 \n \n \n \n \n Underlying revenue 4,5 \n \n \n 15,452 \n \n \n 7,144 \n \n \n 22,596 \n \n \n \n \n Less: Share of revenue of joint ventures \n \n \n (8) \n \n \n (20) \n \n \n (28) \n \n \n \n \n Revenue \n \n \n 15,444 \n \n \n 7,124 \n \n \n 22,568 \n \n \n \n \n Six months ended 31 March 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Business & Industry \n \n \n 4,727 \n \n \n 2,997 \n \n \n 7,724 \n \n \n \n \n Education \n \n \n 3,292 \n \n \n 877 \n \n \n 4,169 \n \n \n \n \n Healthcare & Senior Living \n \n \n 3,926 \n \n \n 1,002 \n \n \n 4,928 \n \n \n \n \n Sports & Leisure \n \n \n 2,008 \n \n \n 637 \n \n \n 2,645 \n \n \n \n \n Defence, Offshore & Remote \n \n \n 174 \n \n \n 1,247 \n \n \n 1,421 \n \n \n \n \n Underlying revenue 4,5 \n \n \n 14,127 \n \n \n 6,760 \n \n \n 20,887 \n \n \n \n \n Less: Share of revenue of joint ventures \n \n \n (13) \n \n \n (130) \n \n \n (143) \n \n \n \n \n Revenue \n \n \n 14,114 \n \n \n 6,630 \n \n \n 20,744 \n \n \n \n \n 1.  There is no inter-segment trading. \n 2.  An analysis of revenue recognised over time and at a point in time is not provided on the basis that the nature, amount, timing and uncertainty of revenue and cash flows are considered to be similar. \n 3.  Our former Rest of World region now accounts for c.5% of the Group's revenue on a pro forma basis. With effect from 1 October 2024, the Group's internal management reporting structure has been changed to combine Rest of World with Europe to form a new International region. Comparative segmental financial information for 2024 has been re-presented. \n 4.  Revenue plus share of revenue of joint ventures. \n 5.  Underlying revenue arising in the UK, the Group's country of domicile, was $ 1,958 m (2024: $1,519m). Underlying revenue arising in the US region was $ 14,675 m (2024: $13,391m). Underlying revenue arising in all countries outside the UK from which the Group derives revenue was $ 20,638 m (2024: $19,368m). \n \n \n \n \n \n \n \n Geographical segments \n \n \n   \n \n \n   \n \n \n \n \n Profit by geographical segment \n \n \n North America \n$m \n \n \n International \n$m \n \n \n Central activities \n$m \n \n \n Total \n$m \n \n \n \n \n Six months ended 31 March 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit/(loss) before results of joint ventures and associates \n \n \n 1,278 \n \n \n 408 \n \n \n (78) \n \n \n 1,608 \n \n \n \n \n Add: Share of results of associates \n \n \n 11 \n \n \n 8 \n \n \n - \n \n \n 19 \n \n \n \n \n Underlying operating profit/(loss) 1 \n \n \n 1,289 \n \n \n 416 \n \n \n (78) \n \n \n 1,627 \n \n \n \n \n Less: Acquisition-related charges 2 \n \n \n (51) \n \n \n (90) \n \n \n - \n \n \n (141) \n \n \n \n \n Less: Charges related to the strategic portfolio review 2 \n \n \n - \n \n \n (8) \n \n \n - \n \n \n (8) \n \n \n \n \n Less: One-off pension charge 2 \n \n \n - \n \n \n (2) \n \n \n - \n \n \n (2) \n \n \n \n \n Operating profit/(loss) \n \n \n 1,238 \n \n \n 316 \n \n \n (78) \n \n \n 1,476 \n \n \n \n \n Net loss on sale and closure of businesses 2 \n \n \n \n \n \n \n \n \n   \n \n \n (36) \n \n \n \n \n Finance costs \n \n \n \n \n \n \n \n \n   \n \n \n (157) \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n   \n \n \n 1,283 \n \n \n \n \n Income tax expense \n \n \n \n \n \n \n \n \n   \n \n \n (357) \n \n \n \n \n Profit for the period \n \n \n \n \n \n \n \n \n   \n \n \n 926 \n \n \n \n \n \n \n \n \n \n \n \n \n 1.  Operating profit excluding specific adjusting items (see note 13). \n 2.  Specific adjusting item (see note 13). \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 2 Segmental analysis (continued) \n \n \n \n \n \n \n \n Geographical segments \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit by geographical segment \n \n \n North America \n $m \n \n \n International 1 \n $m \n \n \n Central \n activities \n $m \n \n \n Total \n $m \n \n \n \n \n Six months ended 31 March 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit/(loss) before results of joint ventures and associates \n \n \n 1,154 \n \n \n 360 \n \n \n (72) \n \n \n 1,442 \n \n \n \n \n Add: Share of profit before tax of joint ventures \n \n \n 1 \n \n \n 14 \n \n \n - \n \n \n 15 \n \n \n \n \n Add: Share of results of associates \n \n \n 10 \n \n \n 7 \n \n \n - \n \n \n 17 \n \n \n \n \n Underlying operating profit/(loss) 2 \n \n \n 1,165 \n \n \n 381 \n \n \n (72) \n \n \n 1,474 \n \n \n \n \n Less: Acquisition-related charges 3 \n \n \n (8) \n \n \n (41) \n \n \n - \n \n \n (49) \n \n \n \n \n Less: One-off pension charge 3 \n \n \n - \n \n \n (3) \n \n \n - \n \n \n (3) \n \n \n \n \n Less: Tax on share of profit of joint ventures 3 \n \n \n - \n \n \n (2) \n \n \n - \n \n \n (2) \n \n \n \n \n Operating profit/(loss) \n \n \n 1,157 \n \n \n 335 \n \n \n (72) \n \n \n 1,420 \n \n \n \n \n Net loss on sale and closure of businesses 3 \n \n \n \n \n \n \n \n \n \n \n \n (94) \n \n \n \n \n Finance costs \n \n \n \n \n \n \n \n \n \n \n \n (131) \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n \n \n \n 1,195 \n \n \n \n \n Income tax expense \n \n \n \n \n \n \n \n \n \n \n \n (327) \n \n \n \n \n Profit for the period \n \n \n \n \n \n \n \n \n \n \n \n 868 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.  Our former Rest of World region now accounts for c.5% of the Group's revenue on a pro forma basis. With effect from 1 October 2024, the Group's internal management reporting structure has been changed to combine Rest of World with Europe to form a new International region. Comparative segmental financial information for 2024 has been re-presented. \n 2.  Operating profit excluding specific adjusting items (see note 13). \n 3.  Specific adjusting item (see note 13). \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 3 Operating costs \n \n \n \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Operating costs \n \n \n \n \n \n 2025 \n$m \n \n \n 2024 \n$m \n \n \n \n \n Food and materials \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of inventories consumed \n \n \n \n \n \n 6,178 \n \n \n 5,761 \n \n \n \n \n Labour \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Employee remuneration \n \n \n \n \n \n 10,739 \n \n \n 9,682 \n \n \n \n \n Overheads \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Commissions and fees paid to clients \n \n \n \n \n \n 802 \n \n \n 838 \n \n \n \n \n Amortisation - other intangible assets \n \n \n \n \n \n 85 \n \n \n 74 \n \n \n \n \n Amortisation - contract fulfilment assets \n \n \n \n \n \n 166 \n \n \n 147 \n \n \n \n \n Depreciation - right-of-use assets \n \n \n \n \n \n 122 \n \n \n 106 \n \n \n \n \n Depreciation - property, plant and equipment \n \n \n \n \n \n 194 \n \n \n 177 \n \n \n \n \n Impairment losses - non-current assets \n \n \n \n \n \n - \n \n \n 7 \n \n \n \n \n Acquisition-related charges 1 (see below) \n \n \n \n \n \n 141 \n \n \n 49 \n \n \n \n \n Charges related to the strategic portfolio review 1 \n \n \n \n \n \n 8 \n \n \n - \n \n \n \n \n Other \n \n \n \n \n \n 2,676 \n \n \n 2,513 \n \n \n \n \n Total \n \n \n \n \n \n 21,111 \n \n \n 19,354 \n \n \n \n \n 1.  Specific adjusting item (see note 13). \n Acquisition-related charges \n Amortisation and impairment charges in respect of intangible assets acquired through business combinations, direct costs incurred through business combinations or other strategic asset acquisitions, business integration costs, changes in consideration in relation to past acquisition activity and other acquisition-related items. \n \n \n \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Acquisition-related charges \n \n \n \n \n \n 2025 \n$m \n \n \n 2024 \n$m \n \n \n \n \n Amortisation - acquisition intangibles \n \n \n \n \n \n 106 \n \n \n 68 \n \n \n \n \n Acquisition transaction costs \n \n \n \n \n \n 32 \n \n \n 16 \n \n \n \n \n Gains on bargain purchases \n \n \n \n \n \n - \n \n \n (35) \n \n \n \n \n Other \n \n \n \n \n \n 3 \n \n \n - \n \n \n \n \n Total \n \n \n \n \n \n 141 \n \n \n 49 \n \n \n \n \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 4 Tax \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Income tax expense \n \n \n 2025 \n$m \n \n \n 2024 \n $m \n \n \n \n \n Current tax \n \n \n \n \n \n \n \n \n \n \n Current period \n \n \n 340 \n \n \n 349 \n \n \n \n \n Adjustment in respect of prior years \n \n \n (15) \n \n \n (18) \n \n \n \n \n Current tax expense \n \n \n 325 \n \n \n 331 \n \n \n \n \n Deferred tax \n \n \n   \n \n \n \n \n \n \n \n Current period \n \n \n 32 \n \n \n (4) \n \n \n \n \n Deferred tax charge/(credit) \n \n \n 32 \n \n \n (4) \n \n \n \n \n Total \n \n \n 357 \n \n \n 327 \n \n \n \n \n The income tax expense for the period is based on the effective UK statutory rate of corporation tax for the period of 25% (2024: 25%). Overseas tax is calculated at the rates prevailing in the respective jurisdictions. \n The tax position in each country in which the Group operates is often not agreed with the tax authorities until some time after the relevant period end and, if subject to a tax audit, may be open for an extended period. In these circumstances, the recognition of tax liabilities and assets requires management estimation to reflect a variety of factors, including historical experience, interpretations of tax law and the likelihood of settlement. \n The international corporate tax environment remains complex and the sustained increase in audit activity from tax authorities means that the potential for tax uncertainties and disputes remains high. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the results in the year in which such determination is made. In addition, the calculation and recognition of temporary differences giving rise to deferred tax assets requires estimates to be made of the extent to which future taxable profits are available against which these temporary differences can be utilised. \n The Group is currently subject to audits and reviews in a number of countries that primarily relate to complex corporate tax issues. The Group does not currently anticipate any material changes to the amounts recorded at 31 March 2025. \n Most of the Group's tax losses and other temporary differences recognised as deferred tax assets do not have an expiry date. The recognition of net deferred tax assets is based on the most recent financial budgets and forecasts approved by management. \n   \n Deferred tax assets have not been recognised in respect of tax losses of $68m (30 September 2024: $101m) and other temporary differences of $13m (30 September 2024: $13m). These deferred tax assets have not been recognised as the timing of recovery is uncertain. \n   \n The legislation implementing the Pillar Two Model Rules in the UK applies from the financial year ending 30 September 2025. The impact on the Group's effective tax rate is not expected to be material. The Group has applied the temporary exception under IAS 12 Income Taxes in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two Model Rules. \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 5 Earnings per share \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Profit for the period attributable to equity shareholders \n \n \n 2025 \n$m \n \n \n 2024 \n$m \n \n \n \n \n Profit for the period attributable to equity shareholders \n \n \n 919 \n \n \n 861 \n \n \n \n \n   \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Weighted average number of ordinary shares \n \n \n 2025 \nOrdinary shares of 11 1 / 20 p each millions \n \n \n 2024 \nOrdinary shares of \n11 1 / 20 p each millions \n \n \n \n \n Weighted average number of ordinary shares for basic earnings per share \n \n \n 1,697 \n \n \n 1,709 \n \n \n \n \n Dilutive effect of share-based payment plans \n \n \n 1 \n \n \n - \n \n \n \n \n Weighted average number of ordinary shares for diluted earnings per share \n \n \n 1,698 \n \n \n 1,709 \n \n \n \n \n   \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Earnings per share \n \n \n 2025 \ncents \n \n \n 2024 \ncents \n \n \n \n \n Basic \n \n \n  54.2c \n \n \n 50.4c \n \n \n \n \n Diluted \n \n \n 54.1c \n \n \n 50.4c \n \n \n \n \n Underlying earnings per share for the six months ended 31 March 2025 was 64.5c (2024: 59.0c). Underlying earnings per share is calculated based on earnings excluding the effect of acquisition-related charges, charges related to the strategic portfolio review, one-off pension charge, gains and losses on sale and closure of businesses and other financing items, together with the tax attributable to these amounts (see note 13). \n 6 Dividends \n The interim dividend of 22.6c per share (2024: 20.7c per share), $384m in aggregate 1 , is payable on 31 July 2025 to shareholders on the register at the close of business on 20 June 2025. Other important dates to note are shown on page 2. The dividend will be paid gross and a Dividend Reinvestment Plan (DRIP) will be available. Shareholders appearing on the Register of Members or holding their shares through CREST will automatically receive their dividends in sterling, but have the option to elect to receive their dividends in US dollars. For shares held in certificated form on the register, US dollar elections can be made by contacting our share registrar, MUFG Corporate Markets. MUFG's contact details can be found on our website under Dividend Information. \n The interim dividend was approved by the Board after the balance sheet date and, therefore, it has not been reflected as a liability in the interim financial statements. \n \n \n \n \n \n \n \n Six months ended 31 March 2025 \n \n \n \n \n \n Six months ended 31 March 2024 \n \n \n \n \n Dividends on ordinary shares \n \n \n Dividends \nper share \ncents \n \n \n $m \n \n \n \n \n \n Dividends \nper share \ncents \n \n \n $m \n \n \n \n \n Amounts recognised as distributions to equity shareholders during the period \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Final 2023 \n \n \n - \n \n \n - \n \n \n \n \n \n 34.7c \n \n \n 606 \n \n \n \n \n Final 2024 \n \n \n 39.1c \n \n \n 670 \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Total \n \n \n 39.1c \n \n \n 670 \n \n \n \n \n \n 34.7c \n \n \n 606 \n \n \n \n \n 1.  Based on the number of ordinary shares in issue at 31 March 2025 excluding shares held in treasury and the Compass Group PLC All Share Schemes Trust (1,697m shares). \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 7 Reconciliation of operating profit to cash generated from operations \n \n \n \n \n \n \n \n Six months ended 31 March \n \n \n \n \n Reconciliation of operating profit to cash generated from operations \n \n \n 2025 \n$m \n \n \n 2024 \n $m \n \n \n \n \n Operating profit before joint ventures and associates \n \n \n 1,457 \n \n \n 1,390 \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n Acquisition-related charges 1 \n \n \n 109 \n \n \n 33 \n \n \n \n \n Charges related to the strategic portfolio review \n \n \n 8 \n \n \n - \n \n \n \n \n One-off pension charge \n \n \n 2 \n \n \n 3 \n \n \n \n \n Amortisation - other intangible assets 2 \n \n \n 85 \n \n \n 74 \n \n \n \n \n Amortisation - contract fulfilment assets \n \n \n 166 \n \n \n 147 \n \n \n \n \n Amortisation - contract prepayments \n \n \n 51 \n \n \n 45 \n \n \n \n \n Depreciation - right-of-use assets \n \n \n 122 \n \n \n 106 \n \n \n \n \n Depreciation - property, plant and equipment \n \n \n 194 \n \n \n 177 \n \n \n \n \n Unwind of costs to obtain contracts \n \n \n 18 \n \n \n 16 \n \n \n \n \n Impairment losses - non-current assets \n \n \n - \n \n \n 7 \n \n \n \n \n Loss/(gain) on disposal of property, plant and equipment/intangible assets/contract fulfilment assets \n \n \n 5 \n \n \n (9) \n \n \n \n \n Other non-cash changes \n \n \n (1) \n \n \n - \n \n \n \n \n Increase in provisions \n \n \n 13 \n \n \n 21 \n \n \n \n \n Investment in contract prepayments \n \n \n (108) \n \n \n (112) \n \n \n \n \n Increase in costs to obtain contracts 3 \n \n \n (26) \n \n \n (21) \n \n \n \n \n Post-employment benefit obligations net of service costs \n \n \n 3 \n \n \n 5 \n \n \n \n \n Share-based payments - charged to profit \n \n \n 40 \n \n \n 34 \n \n \n \n \n Operating cash flow before movements in working capital \n \n \n 2,138 \n \n \n 1,916 \n \n \n \n \n Increase in inventories \n \n \n (40) \n \n \n (23) \n \n \n \n \n Increase in receivables \n \n \n (72) \n \n \n (226) \n \n \n \n \n (Decrease)/increase in payables \n \n \n (244) \n \n \n 82 \n \n \n \n \n Cash generated from operations \n \n \n 1,782 \n \n \n 1,749 \n \n \n \n \n 1.  Includes amortisation and impairment of acquisition intangibles. Excludes acquisition transaction costs of $ 32 m (2024: $16m) as acquisition transaction costs are included in net cash flow from operating activities. \n 2.  Excludes amortisation of acquisition intangibles. \n 3.  Cash payments in respect of contract balances are classified as cash flows from operating activities, with the exception of contract fulfilment assets which are classified as cash flows from investing activities as they arise out of cash payments in relation to assets that will generate long-term economic benefits. During the six months ended 31 March 2025, the purchase of contract fulfilment assets in cash flows from investing activities was $ 174 m (2024: $202m). \n   \n   \n \n Compass Group PLC \nCondensed Consolidated Financial Statements \n \n Notes to the condensed consolidated financial statements \n For the six months ended 31 March 2025 \n 8 Financial instruments \n Certain of the Group's fi...

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