Interim Report

2009

2009 Highlights

Our interim results show good growth and continued improvement despite the difficult economic conditions.

Revenues

2.6% organic revenue growth on a constant currency basis

Revenue bar chart. 2009=£6,927m. 2008=£5,589m. 2006=£5,181m

The chart shows revenues at actual exchange rates.

Underlying operating profit

A 14% increase in underlying operating profit on a constant currency basis

Operating profit. 2009 = £455m. 2008= £322m. 2007=£267m

The chart shows underlying operating profit at actual exchange rates.

Underlying operating margin

A 60 basis point increase in underlying operating margin on a constant currency basis

Operating margin. 2009 = 6.5%. 2008= 5.7%. 2007=5.14%

The chart shows underlying operating margin at actual exchange rates.

Underlying basic earnings per share

A 43% increase in underlying basic earnings per share

Basic earnings per share. 2009 = 15.4p. 2008= 10.8p. 2007=7.5p

Dividends per share

A 10% increase in the interim dividend per ordinary share

Dividends. 2009 = 4.4p. 2008= 4.0p. 2007=3.6p

Free cash flow

A 33% increase in free cash flow

Free cash flow. 2009=£240m. 2008=£180m. 2007=£136m
1
Constant currency restates the prior period results to 2009’s average exchange rates.
2
Total underlying operating profit includes share of profit of associates but excludes the amortisation of intangibles arising on acquisition.
3
Operating profit by region excludes share of profit of associates and the amortisation of intangibles arising on acquisition.
4
Underlying operating margin is based on revenue and operating profit excluding share of profit of associates and the amortisation of intangibles arising on acquisition.
5
Underlying basic earnings per share excludes the amortisation of intangibles arising on acquisition, hedge accounting ineffectiveness, the change in the fair value of investments and minority interest put options and the tax attributable to these amounts.
6
Organic growth is calculated by adjusting for acquisitions (excluding current period acquisitions and including a full period in respect of prior period acquisitions), disposals (excluded from both periods) and exchange rate movements (translating the prior period at current period exchange rates) and compares the current period results against the prior period.
7
Unless stated otherwise, all figures in this document relate to the six months ended 31 March.
8
Unless otherwise indicated, the data shown in the Our business, Our sectors and Corporate responsibility sections relates to the continuing business only.

Our business

We provide services in over 40,000 locations.

Chairman’s statement

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We have a clear and focused strategy, an internationally diversified business model and we are the market leader in an industry with significant growth potential...

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Chief Executive’s statement

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Against the backdrop of deteriorating economic conditions, Compass has had a positive first half. We are encouraged by our continued ability to win high quality new business at levels consistent with last year...

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Corporate Responsibility Report

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Forward looking statements

This Report contains forward looking statements within the meaning of Section 27A of the Securities Act 1933, as amended, and Section 21E of the Securities Exchange Act, as amended. These statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward looking statements. The terms ‘expect’, ‘should be’, ‘will be’, ‘is likely to’ and similar expressions identify forward looking statements. Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in Compass Group’s markets; exchange rate fluctuations; customers acceptance of its products and services; the actions of competitors; and legislative, fiscal and regulatory developments.