{"id":149673,"date":"2020-05-19T10:50:48","date_gmt":"2020-05-19T10:50:48","guid":{"rendered":"https:\/\/www.bnreport.com\/compasss-group-in-2bn-placing-to-weather-coronavirus-crisis\/"},"modified":"2020-05-19T10:50:48","modified_gmt":"2020-05-19T10:50:48","slug":"compasss-group-in-2bn-placing-to-weather-coronavirus-crisis","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/compasss-group-in-2bn-placing-to-weather-coronavirus-crisis\/","title":{"rendered":"Compasss Group in \u00a32bn placing to weather coronavirus crisis"},"content":{"rendered":"

Compass Group<\/a> PLC (LON:CPG<\/a>) saw its shares retreat on Tuesday as the contract caterer unveiled plans to raise \u00a32bn via share issues to strengthen its financial position during the coronavirus (COVID-19) pandemic.<\/p>\n

The FTSE 100-listed firm said its revenues have fallen sharply since the start of March due to the impact of lockdowns across its markets.<\/p>\n

Sales in April fell by 46%, following a 20% decline in March and additional liquidity is needed to weather the crisis, the company said.<\/p>\n

Around half of its facilities were shut last month with Sports & Leisure fully closed, Education and Business & Industry mostly closed (65%) and Healthcare & Seniors and Defence, Offshore & Remote almost fully open, it added.<\/p>\n

In response, monthly costs have been reduced by \u00a3500mln which has helped mitigate the loss in revenues, said the group.<\/p>\n

In the half-year to March, the impact of the closures on operating profit was 28.5%, though Compass said this improved slightly in April to a fall of 23%.<\/p>\n

Net debt at end April was \u00a34.87bn, with the group having committed loan facilities of \u00a32.8bn while it has also taken up a \u00a3600mln loan from the UK governments COVID-19 scheme.<\/p>\n

Following the placing, which will be carried out through a bookbuild today and includes a retail offer through PrimaryBid<\/a>, the company said its net debt will drop to \u00a32.9bn.<\/p>\n

Compass Group<\/a>'s interim results for the six months to March showed revenues rose by 1.6% to \u00a312.6bn while operating profits fell by 10% to \u00a3854mln.<\/p>\n

Reinforces credentials as a survivor<\/h3>\n

Commenting on the fundraising, Russ Mould, investment director at AJ Bell said: \u201cThe business could probably have withstood a fair while longer in the pressure cooker of the coronavirus crisis without going cap in hand to shareholders.<\/p>\n

\u201cHowever the fundraise should reinforce its credentials as a survivor in its market and one with the capacRead More \u2013 Source<\/a>
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Proactiveinvestors<\/a><\/h5>\n

[contfnewc]
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