LONDON: Catering giant Compass on Tuesday said it planned to cut up to 4,000 jobs owing to a deteriorating outlook and as it warned over Brexit’s impact.
“There will be... no more than 4,000 job cuts” over the next two years, or less than one per cent of Compass’ global workforce, a spokesman said after the company said it would look to cut costs after a drop in annual profits.
“There is some weakness in some key European markets like Germany, France and the UK,” the spokesman said.
“Key manufacturing clients are laying off people.” Compass, which supplies contract catering services to offices, schools, hospitals and sports centres, employs 600,000 staff worldwide.
The group on Tuesday revealed that net profit fell almost two per cent to £1.11 billion ($1.4 billion) in the 12 months to the end of September, compared with £1.13 billion last time around. Revenues rose more than six per cent to £24.9 billion.
“Despite this good performance, we are not immune to the macro environment,” chief executive Dominic Blakemore said in the results statement. — Reuters
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