Compass Group reported a 7.1% rise in full-year profit today as cost-cutting efforts at the world's biggest catering firm paid off and it raised prices. 

The caterer has been cutting food, labour and overhead expenses to boost profit, but operating margin remained flat at 7.4% due to lower volumes and higher costs at its UK business. 

The company said its expectations for full year 2019 were positive, and added it expects organic growth to be in the middle of its 4-6% range. 

For the previous year, it had forecast organic growth above the middle of the range. 

The UK company serves over 5.5 billion meals a year in more than 50 countries.

It also said today it was managing its portfolio to increase its focus on food and that it was in the process of disposing up to 5% of revenues in its non-core businesses. 

Underlying operating profit rose to £1.74 billion for the year ended September 30, from £1.63 billion a year earlier, as cost-cutting measures and price increases paid off. 

Comapss, which counts Alphabet's Google, Coca-Cola, Shell and Nike among its customers, said underlying revenue rose 5.5% to £23.24 billion. 

Compass also said it had identified a potential impact on its food supply chain and labour force ahead of the UK's exit from the European Union, adding that it was taking actions to assess and mitigate any impact.