Compass Profits Triple As Sport Catering Bounces Back
Catering company, Compass, has revealed that its profits have tripled from the increased catering demand from the business and sports industries after being affected by the COVID-19 pandemic.
Compass’ profit after tax jumped to GBP£1.1 billion (AUD$1.9 billion), up from the GBP£357 million (ADU$639 million) in 2021, with pre-tax profit sitting at GBP£1.5 billion (AUD$2.69 billion), compared to the GBP£545 million (AUD$976 million) last year.
While their revenue increase, which jumped 42% to GBP£25.5 billion (AUD$45.6 billion), has been put down to companies outsourcing meals due to soaring inflation and energy costs.
Commenting on the company’s growth, Compass Group chief executive, Dominic Blakemore, said: “The group’s performance surpassed our expectations both in terms of net new business growth and base volume recovery, with business & industry now operating above its pre-pandemic revenues.”
“The group’s performance surpassed our expectations.”
“Our clients are continuing to face operational complexities and inflationary pressures, which are driving increased outsourcing, and we are successfully capitalising on the resulting growth opportunities.
“While the macroeconomic environment is uncertain, we are working in partnership with our clients to mitigate inflationary pressures and supporting our colleagues during this challenging period by offering financial support and other benefits,” he said.
Additionally, Compass has said it will hand out a final dividend GBP£0.22 (AUD$0.40) per share as a result of their performance.