AGM Statement

14th February 2003 Compass Group PLC Chairman's AGM Statement Compass Group holds its AGM today at the Queen Elizabeth II Centre, London at 11.00am. At this meeting Francis Mackay, Chairman of Compass Group PLC, will provide shareholders with the following update: 2002 'I am pleased to report that 2002 was an excellent year for the Group despite difficult economic conditions in many of the countries in which it operates. The Group achieved strong turnover growth, up 22% to £10.6 billion, operating profit growth of 19% to £805 million, a significant increase in free cash flow generation and a final dividend per share up 25% to 7.1p'. Current trading 'I am pleased to report that we are building on our robust performance of last year and trading in the first four months of the current financial year has been in line with expectations. Despite the challenging global economic environment we remain on track to deliver 6% like for like turnover growth and a broadly similar level of like for like margin improvement to last year, as well as continuing strong free cash flow generation.' 'Following the completion of the sale of Little Chef and Travelodge we have now commenced a share buy back programme'. Contract retention and wins 'Our resilient business model and strong market positions continue to drive organic growth and have enabled us to continue to gain new contract wins, as well as maintaining a contract retention rate of 95%. 'In particular we are pleased to announce today the following contracts: In North America, Cisco Systems has renewed its contract with Bon Appetit on the west coast of America with an annual value of $16million and awarded the company an additional $7million of new business per annum on the east coast of America. In Latin America, BHP Billiton has renewed its existing contracts totalling $8million per annum for a further four years and in addition awarded new business totalling $6 million per annum. In our concession business, Select Service Partner (SSP) was recently awarded a major new contract at Hong Kong International Airport. Following this win SSP is the largest food and beverage operator at Hong Kong Airport with a total contract worth approximately £15 million per annum.' Summary 'Even though we are global market leader we still have a relatively small share of the significant global foodservice and vending market. Despite the uncertain economic environment Compass Group's unique business model means that we are well placed to take advantage of the growth potential in its markets.' ENDS Enquiries: Timothy Grey / Simon Sporborg Brunswick 020 7404 5959 Notes to Editors Compass Group is the world's largest foodservice company with annual foodservice revenues in excess of £10bn. Compass Group has over 375,000 employees working in more than 90 countries around the world providing foodservice and vending. For more information visit www.compass-group.com
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