Underlying 1 results Restated2 |
Statutory results Restated2 |
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| 2024 | 2023 | Change | 2024 | 2023 | Change | ||
| Revenue | $42.2bn | $38.1bn3 | 10.6%4 | $42.0bn | $37.9bn | 10.8% | |
| Operating profit | $2,998m | $2,576m3 | 16.4%3 | $2,584m | $2,313m | 11.7% | |
| Operating margin | 7.1% | 6.8% | 30bps | 6.2% | 6.1% | 10bps | |
| Earnings per share | 119.5c | 104.3c3 | 14.6%3 | 82.3c | 92.2c | (10.7)% | |
| Operating cash flow | $2,642m | $2,228m | 18.6% | $3,135 | $2,536m | 23.6% | |
| Free cash flow | $1,740m | $1,516m | 14.8% | ||||
| Annual dividend per share | 59.8c | 52.6c | 13.7% | 59.8c | 52.6c | 13.7% | |
Another year of strong performance. Confident in delivering high single-digit profit growth5 in 2025.
Strong revenue and profit growth:
- Underlying operating profit growth of 16.4%3
- organic revenue increased by 10.6% with net new business growth of 4.2%, which accelerated in H2
- underlying operating margin of 7.1% (+30bps year on year), with good progress in all regions
- Underlying operating cash flow increased by 18.6% to $2.6bn, providing flexibility for investment
- Invested $2.6bn in growth through capex (3.7% of underlying revenue) and M&A ($1bn)
- Returned $1.5bn to shareholders through dividends and share buybacks
- Strong balance sheet (net debt to EBITDA of 1.3x) and consistent capital allocation model
Strategic highlights:
- Increased focus and investment in the significant growth opportunities across our core markets
- Acquired, or agreed to acquire, attractive businesses in Europe: HOFMANNS, CH&CO, Dupont Restauration and 4Service AS
- Further improved the quality of our portfolio by exiting, or agreeing to exit, nine non-core markets
Outlook:
- For 2025, we expect high single-digit underlying operating profit growth5 driven by organic revenue growth above 7.5% and ongoing margin progression
- Longer term, we are confident in sustaining mid-to-high single-digit organic revenue growth, ongoing margin progression and profit growth ahead of revenue growth
Statutory results:
- Revenue increased by 10.8% reflecting the strong trading performance
- Operating profit, including non-underlying charges related to business acquisitions and reshaping our portfolio, increased by 11.7% to $2,584m
- Basic earnings per share decreased by 10.7%, to 82.3c, as the higher operating profit is more than offset by the impact of the reclassification of cumulative currency translation differences on sale of businesses, higher finance costs and higher effective tax rate
Business review
Dominic Blakemore, Group Chief Executive, said:
“2024 has been a year of strong operational and financial performance, with net new business growth accelerating in the second half as expected. The business continues to successfully capitalise on the dynamic market trends, using its proven competitive advantages to drive higher revenue and profit growth. We have exited, or agreed to exit, nine non-core countries, further improving the quality of our portfolio and enabling us to better focus on our core markets with the greatest growth opportunities. To support this growth, we’re investing in capex to drive net new business and are currently prioritising strategic acquisitions to further enhance our unique sectorised approach to clients. We have a proven track record of successful M&A in North America and are using that blueprint to unlock growth in other regions. The integration of recent high-quality acquisitions in Europe is progressing well, and we’re excited by the capabilities they bring to the Group. In 2025, we expect high single-digit underlying operating profit growth, driven by organic revenue growth above 7.5% and ongoing margin progression. Longer term, we are confident in sustaining mid-to-high single-digit organic revenue growth with ongoing margin progression, leading to profit growth ahead of revenue growth. Our priority is to invest in the business through capex and M&A to support future growth, with surplus capital being returned to shareholders as we maintain our strong track record of delivering long-term, compounding shareholder returns.”
- Reconciliation of statutory to underlying results can be found in notes 2 (segmental analysis) and 14 (non-GAAP measures) to the consolidated financial statements.
- With effect from 1 October 2023, the reporting currency of the Group was changed from sterling to US dollars. The results for the year ended 30 September 2023 have been restated in US dollars.
- Measured on a constant-currency basis.
- Organic revenue change.
- On a constant-currency basis, including announced acquisitions, disposals and exits in 2024 and to date in 2025.
© 2025 Compass Group PLC