Compass sees ‘strong’ organic revenue growth in Q4
The group has increased new business from 5.7% in 2019 to 7.5% in the fourth quarter, with client retention hitting a new year-on-year record of 96.4%
Contract foodservice company Compass Group has revealed strong organic revenue growth of 37.5%, which in the current fourth quarter is at 116% of the company’s 2019 revenues, with business and industry at 106%.
It is reported that the group’s underlying operating margin also improved year-on-year to 6.2%, with the second half of this year sitting at 6.5%.
In addition, the group has increased new business from 5.7% in 2019 to 7.5% in the fourth quarter, with client retention hitting a new year-on-year record of 96.4%.
Furthermore, the company’s new business wins have increased to £2.5bn, with North America and Europe being the strongest contributors to this result.
Dominic Blakemore, CEO of Compass Group, said: “Thanks to the hard work of our teams across the world, Compass has emerged from the pandemic as a stronger and more resilient business, reflecting our clear strategy and market-leading growth enablers.
“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 added: “Looking further ahead, we remain excited about the significant structural growth opportunities globally, leading to the potential for revenue and profit growth above historical rates, returning margin to pre-pandemic levels and rewarding shareholders with further returns.”
