By Kyle Morris

Compass Group PLC said Wednesday that it is upgrading its guidance for fiscal 2023 after first-half pretax profit rose and that it plans an up to 750 million pounds ($946.6 million) share buyback program.

The U.K. catering contractor said pretax profit for the six months to March 31 was GBP831 million compared with GBP632 million for the same period the year before.

Underlying operating profit--which strips out exceptional and other one-off items--rose to GBP1.05 billion from GBP673 million.

Revenue increased to GBP15.66 billion from GBP11.50 billion.

Compass said it will start a share buyback program worth up to GBP750 million this year.

The company said it has upgraded its fiscal 2023 guidance to organic revenue growth of around 18%, from around 15%, and operating profit growth toward 30%, from above 20%.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

May 10, 2023 02:34 ET (06:34 GMT)

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