Corvus Capital Inc. 2007 Report & Accounts
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Interim Results for the six month period ended 31 March 2008.
Broker snap: Goldman upgrade sends Compass north
16 May 2008
Shares in moved higher after Goldman Sachs upgraded the caterer to 'neutral' from 'sell' following its first half results.
The broker said Compass was managing issues such as food cost inflation effectively and continuing to reduce costs.
Compass said Wednesday that profit before tax rose a better than expected 25%, and that it will buy back a further £400m of its shares over the next 18 months. Pre-tax profit for the six months to 31 March jumped to £281m from £224m in 2007, or rose 29% to £289m on an underlying basis. Reported revenue climbed almost 8% to £5.59bn.
Goldman raises its price target on the caterer by 58p to 365p.
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