Caterer Compass warns profits to be hit by restructuring costs
LONDON, July 29 (Reuters) - Britain's Compass Group, the world's biggest catering firm, said operating profit this year and next would be hit by restructuring costs as it looks to offset weakness in its offshore & remote business and in Australia, Brazil and Turkey.
Compass, which serves around 3 billion meals a year, said on Wednesday the restructuring plan would hit operating profit by around 20-25 million pounds ($39 million) in both 2015 and 2016 and said this year's full-year operating margin would be flat.
Shares in the firm fell 4 percent in early trade, the biggest fall on the FTSE 100 Index.
The group reported organic revenue growth of 5.1 percent for the third quarter to June 30, helped by strong net new business in its core North American business and an acceleration of growth in its Europe & Japan region.
($1 = 0.6414 pounds) (Reporting by Neil Maidment; editing by Kate Holton)
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