Figures point to good future for Compass

Catering giant Compass revealed profits almost tripled over the past year after its recovery surpassed expectations.

The world’s largest food services provider said it reported record new business growth as demand for business and sports catering bounced back following the impact of the pandemic.

Revenues surged by 42.5% to £25.5 billion for the year to September 30, compared with the same period last year. As a result, statutory pre-tax profits leapt to £1.5bn from £545m a year ago.

Meanwhile, underlying operating profits were 87.5% higher at £1.59bn for the year. Compass told investors underlying operating profits are expected to lift by 20% in 2023 as outsourcing “remains buoyant”.