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The Compass Group has reported that its revenues increased 37.9% year-on-year from £8.4bn to £11.6bn in the six months ending 31 March 2022 (H1), meaning revenues are at 99% of 2019 figures with its run rate now above pre-Covid levels.
Operating profits also surged 134.5% from to £673m, compared to £287m for the same period last year.
The group saw growth across all sectors, and organic growth of 37.9%. This was driven by 48.4% growth in North America with revenues hitting £7.65bn and 22.4% growth in Europe with revenues of £2.76bn.
The company has also recorded new business wins of £2.5bn over the last 12 months.
Looking ahead, the group has increased its FY22 revenue guidance from 20-25% to 30%, and the company is now commencing a share buyback programme with up to £500m this calendar year.
Dominic Blakemore, group chief executive, said: “We continue to recover strongly from the pandemic and have achieved the important milestone of revenue exceeding our pre-Covid level on a run rate basis.
“We are mindful of global inflationary pressures, which have been exacerbated by the tragic events in Ukraine. Although we expect inflation to increase and continue at a heightened level in the medium term, we have a resilient business model to help mitigate this challenge.”
